In a bid to support parents who want to help their children find a property of their own, Shareamortgage.com has launched the ‘Help your Child to Buy’ scheme to offer legal backing for parents to help their children get on the ladder.
A new online platform allows children to buy with their parents or with other people and there are various different ways in which parents and relatives can gift, loan or guarantee funds.
Shareamortgage.com claims to provide a safe and affordable way to buy a home with other people.
The website provides a platform to buy with friends, family, work colleagues, or like-minded people met through Shareamortgage.com’s community, enabling people to split the costs and share the property together.
The relationship between property buyers is protected by a unique Shared Ownership Protection which is a specially designed legal document that protects joint owners.
The Shared Ownership Protection is the first of its kind, offering simple solutions to joint ownership including:
- How to share costs
- Mechanisms to leave the property
- House rules
- What happens if someone stops paying
The platform also supports home buyers with a full mortgage and conveyancing service provided by some of the UK’s leading mortgage advisers, solicitors and property surveyors.
Youngsters need help leaving the nest
YouGov research for Shareamortgage.com shows more than half of Britain’s youth fear being stuck at home as house prices soar above what they can afford.
The survey of more than 2,500 Britons found 51 per cent of 18- to 34-year-olds worry that not being able to afford to buy a property means they may have to live with their parents or guardians for longer than they want to.
With 4 million under-34-year-olds still living at home, parents are looking for ways to help their children avoid becoming trapped in ‘generation rent’.
A survey by Santander shows one in two first time buyers receive financial help from the bank of mum and dad. In most cases this help is gifted, however 29 per cent give the money as an interest-free loan and three per cent as an investment.
Santander Insurance’s research shows 39 per cent of joint property transactions in the next couple of years will be between friends, family members, and unmarried couples.
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