BANK OF MUM AND DAD
HELPS HOME HUNTERS
STEP ON THE PROPERTY LADDER FOR LESS WITH HELP TO BUY
Generous parents who are helping their adult children purchase their first home can take advantage of an incredible opportunity at Taylor Wimpey developments across South Wales. That’s because eligible first-time buyers can secure a new-build home with a deposit as low as 5%, thanks to the Welsh Government’s Help to Buy scheme. Research shows that this year in the UK, parents, family and friends will put up a massive £6.5 billion to help their loved ones onto the housing ladder – a 30% increase on 2016 – and that money will support close to 300,000 property purchases. This means that, by money given or lent, the Bank of Mum and Dad now rivals the UK’s ninth biggest mortgage lender.* In Wales, the average Bank of Mum and Dad contribution is £12,500, with 23% of homeowners receiving assistance from their parents.* Sara Taylor, Sales and Marketing Director for Taylor Wimpey South Wales, says: “The Bank of Mum and Dad is playing an increasing role in helping young people step on the property ladder – and fortunately for hard-pressed parents, the Help to Buy Wales scheme is on hand to help too. “With a 5% deposit all that’s required, Help to Buy Wales customers can step on the property ladder with a much lower down-payment than with a traditional mortgage. Then, with a 75% loan-to- value mortgage, they can access a wider range of more competitive mortgage deals to enable their monthly outgoings to be kept to a minimum too! “I’d urge parents hoping to help their offspring fly the nest to get in touch with a Taylor Wimpey development near them to find out more.” Help to Buy is available for eligible first-time buyers as well as existing homeowners who have sold their current property (subject to contract) and can be used with the purchase of new-build properties up to the value of £300,000. The scheme allows customers to access a loan from the Welsh Government for up to 20% of their new home’s full price, so they only need a 75% loan-to-value mortgage and a deposit as low as 5%. There’s no salary cap for those taking advantage of the scheme.
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