The ‘Bank of Mum and Dad’ has been making headlines recently, but not everyone can rely on parental help when buying their first home. Newcastle Building Society is set to hold events designed to help first time buyers get onto the property ladder without the financial backing of family.
Recent research from Legal and General indicates that 26% of first time buyers now make it onto the property ladder with the help of their parents.*
The ‘Bank of Mum and Dad’ is estimated to contribute £6.5 billion to the housing market this year, lending an amount similar to that of the country’s ninth largest lender.*
The year on year rise of parental lending is evidence of the struggle facing younger people trying to enter the housing market. As property prices and demand spiral, the more difficult it becomes for those trying to raise a substantial deposit.
But while the generosity of parents is helping more people buy their own home, it widens the gap for those who are unable to access financial assistance from family.
Newcastle Building Society knows that parents aren’t always able or willing to loan or gift significant amounts to their grown up children. The bank of mum and dad has become a stepping stone for such a large number of first time buyers that others struggling to save a deposit may feel that they’ll never get there.
Luckily, the North East is one of the cheapest places in the UK to buy a home**, so first time buyers without parental support to fall back on are better placed to buy their homes right here in our region.
In fact, there are several alternative routes to financing your own home. Newcastle Building Society offers savings accounts designed to support those saving for a deposit, which are one of the most efficient ways to save. Plus, with interest rates so low and mortgages available with just a 5% deposit, buying property could be more within reach than you thought.
Newcastle Building Society is hosting two events for those looking to get on the property ladder. The evening events are designed to give clear and realistic information on what to expect when buying a home for the first time, including the costs involved. Mortgage advisers will also be available to speak to on the evening and answer any burning questions.
Act fast as spaces are extremely limited. Places can be booked by emailing firstname.lastname@example.org 0345 606 4488 or popping into your nearest Newcastle Building Society branch.
Thursday 8th June
The Village Hotel, Cobalt Business Park
Event 6pm – 7.30pm
Complimentary refreshments and a free prize draw
Thursday 15th June
Viceroy (Pleased to Meet You), High Bridge, Newcastle
Event 6pm – 7.30pm
Cocktail and canapés for all guests
Free prize draw
YOUR MORTGAGE WILL BE SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE