Family contributions made up an average of 63 per cent of a first-time buyer's total deposit, according to analysis this year by estate agents, Hamptons.
Alternatively, you could choose to help out by “gifting” a certain amount of money to help boost the deposit.
The main difference between guarantors and joint borrower sole proprietor setups is that a guarantor isn’t considered a borrower – although they are assessed as such – they simply guarantee to meet theThere are a couple of drawbacks to consider here. The main risk for a guarantor mortgage or joint borrower sole proprietor setup is that if the proprietor is unable to meet their mortgage payments, the supporting applicant must.
“A number of lenders offer mortgage products where, subject to affordability, they will lend you up to 100 per cent of the purchase price, and your parents will put their deposit money into a savings account in their name with the lender,” says Mendes.
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