Helping Loved Ones Step On The Property Ladder

Buying a home is challenging. The stamp duty holiday is likely to be helpful for many households, but there is a feeling that the measure doesn’t support first-time buyers too much. Some experts will say there is already a range of mechanisms in support of the first-time buyer, but a property buyer can never have too much assistance!

Many people turn to their loved ones for support when looking for property. If you are in a position to receive assistance from your family members, it is worth considering doing so. Not everyone is as fortunate enough to enjoy this support from their loved ones, so if it can help you step on the property ladder, it is worth looking to.

Are you looking to support your loved ones?

Also, we know many people are looking for ways they can support their loved ones in buying a home. If you are keen to be as supportive of your family as possible, the following tips on how families can support the people they care about to get on the property ladder are vital.

• Save into a Junior ISA

• Gift tax free to build up a deposit

• Buy it with them

• Use a trust fund

Depending on how forward-thinking your planning is, or how much support you want to offer, there will be an option that is best tailored to your needs.

First-time buyers need a helping hand to step on the property ladder

Shona Lowe commented: “Securing a mortgage as a first-time buyer has become increasingly difficult in recent months. As prospective homeowners look to capitalise on the stamp duty holiday, which saves buyers up to £15,000, mortgage options have become more limited, particularly for those with smaller deposits. Whilst there are several government schemes for first time buyers, in many cases this has meant that parents and grandparents are understandably looking into ways to help, with ‘gifted deposits’ being one way to do that. This is definitely an area where the Bank of Mum and Dad, or even Granny and Grandad, can have a really important role to play and lots of different ways it can do that.”

If you are looking for any guidance or advice relating to the housing market, we are here to assist you. We know the local property market very well, and this allows us to connect buyers and vendors.

For people who are fortunate enough to be in a position to help the people they care about, there is a range of options you can choose from to help people step onto the property ladder.

We know this is a challenging time, and for many households, the thought of buying or selling property is far from their mind. However, we also know many people are keen to keep themselves entertained, and some people may have property market issues. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.