Increase in new mortgage products for millennials reflects innovation in the market
- 14th February 2019
- Buying Property News
First time buyers benefit from increased number of new mortgage products as High street banks look to partner with the ‘Bank of Mum and Dad’
News that Lloyds Bank will allow first-time buyers to avoid saving for a deposit by allowing parent’s savings to be used in its place is a sign of the increasing number of ways millennials can get on the housing ladder.
These new mortgage products are indicative of the innovation that has taken place within the property market over the last two decades. Mortgage providers are increasingly creating more tailored products that better enable those individuals that want to buy a property to do so.
Lloyds’ new ‘Lend a Hand’ mortgage is just one of several products that allow prospective younger buyers to formally make use of the ‘Bank of Mum and Dad.’
With interest rates near their historic lows, now is an ideal time for those millennials thinking about purchasing their first property to get out in the market and see what is available. Research confirms that 43% of millennials (aged 18-35) say getting on the housing ladder is their number one goal in life.
Stephen Ludlow, Chairman at Ludlowthompson, comments: “We are seeing more millennials take their first steps on the property ladder as parents are able to use their better credit rating to help their children buy their first property.”
“With banks looking to lend more to potential homebuyers, this is a great time for people to buy their first property. The resilience of the London property market, in particular, represents a great opportunity for millennials as they look to progress in their careers here in the capital.”
If you are considering buying a property, please contact Chris Lockley at Jigsaw Mortgages here.
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- Daria Dimitriu, Google Reviews
Excellent service if you are looking to buy. Particularly Martin; was refreshing to deal with an agent who understood my needs from the get-go. Highly recommend.
- Chrissie Robertson, Google Reviews
Although we are still in the process of buying a property we have been impressed with the professionalism but approachable service we have received so far. Halima has kept as well informed on new properties that fit our criteria as they come onto the market without being overly pushy. Let’s hope the continuing search turns into a new home soon.
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“We are seeing more millennials take their first steps on the property ladder as parents are able to use their better credit rating to help their children buy their first property.”
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