The Sunday Times - Threat to 'bank of mum and dad'
NATIONWIDE has dealt a blow to first-time buyers by restricting the availability of mortgage deals allowing parents to boost their child’s loan application.
In southeast England, where the average property costs £218,080, first- timers need £43,616 for a 20% deposit and a minimum income of almost £44,000, according to the broker Trinity Financial.
“Guarantor mortgages are a great way for parents to help children buy their first homes without handing them large amounts of their savings,” said Aaron Strutt of Trinity Financial. “There are still some guarantor mortgages available, but they are not as flexible as the Mortgage Works’ old rates, which offered both full and limited liability mortgages.”
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