The bank of Mum and Dad is still as popular as ever but with this “modern” bank being there to help their children, parents still (rightly so) want to protect their investment.
If Joint Borrower/Sole Proprietor doesn’t quite fit the bill and the little cherubs needs more than help with the deposit, purchasing a second residential property may be the answer.
Second residential mortgages are a lot more common than first perceived and with the future option of considering air bnb or a standard buy to let once it is no longer needed as an additional residential property, it can be a very lucrative future investment.
Full affordability assessments will need to be carried out but with the option of proceeding on an interest only basis – mortgage costs can be kept to a minimum.
You will still have to take into consideration additional property stamp duty and if wanting to pursue the interest only route and an acceptable repayment strategy is required but this can be in the form of pension funds or equity within the property.
All mortgages are subject to full underwriting and obtaining a decision in principle, however, if you feel this could be an option for you and your family, please do not hesitate to speak to us so call us on 0333 772 0672 or email us on firstname.lastname@example.org with your enquiry.
All initial consultations are at no cost with no obligation and we are always happy to help.