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How fast the housing market changed 2012: First-time buyer needs $35k down 2016: First-time buyer needs $60k down 2020: First-time buyer needs $110k down 2024: First-time buyer needs $190k down 2026: First-time buyer needs $320k down Wages? Up roughly 25%. Home prices? Up over 200% in many markets. At...

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Your salary is no longer an OBSTACLE. Say hello to the “Family Backed Mortgage” designed to help first-time buyers get onto the property ladder. 🏡 With bank of mum and dad drying up, house prices high and affordability tight, this could be a major option for families trying to help the next generation buy their first home! Here’s how it works: A family member supports the mortgage using their income, which increases the buyer’s borrowing power. But importantly… The buyer still owns 100% of the property. Normally, lenders calculate affordability based on the buyer’s salary alone. With a family-backed mortgage, the lender also considers the supporter’s income, meaning the buyer may be able to borrow more than they could alone. The supporter (usually a parent or close family member) is added to the mortgage to support affordability. But they don’t have to be on the property deeds, so they don’t own the home. Over time, once the buyer’s income is strong enough to support the mortgage on their own, the family member can be removed from the mortgage. This means the buyer eventually holds the mortgage independently. Why this matters: • First-time buyers can borrow more • Families can help without gifting huge deposits • Buyers keep full ownership of the home What are the risks? If payments aren’t made, the supporting family member is still responsible because they’re on the mortgage. So it’s important everyone understands the commitment. Conclusion: For families with strong incomes but children struggling with affordability, family-backed mortgages could become increasingly common in the UK housing market. Would you support your child’s mortgage like this? Does this sound appealing? Is this just what you needed to get your first home? 🤔

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39,520 görüntüleme • 5 ay önce