There’s little more satisfying than working alongside the younger generation, providing mortgage advice to first-time buyers and those with little-to-no experience of the property market to help them take the right steps financially to finally get on the property ladder in Clapham.
According to research by property specialist Chestertons, one of the most common destinations for first time buyers is Clapham Junction.
Chestertons also highlight the many reasons why Clapham Junction is so popular with first-time buyers. Individuals are looking to move to an area that’s going through a period of regeneration and exploding in popularity, as it’s only across the river from affluent areas such as Fulham and Chelsea. The area is also home to Europe’s busiest train station which provides excellent transport links, and close to Clapham Common, Battersea Park and other highly desirable London locations.
Manage inherited deposits properly with mortgage advice in Clapham
The Nine Elms area is one area undergoing particularly serious regeneration, according to Chestertons, attracting first-time buyers to thousands of new homes that are set to be built. Many may seek out expert mortgage advice to see whether such a move is within their means financially, and to learn more about the complexities of the market.
Oportfolio’s Fulham-based team of mortgage advisors know the Clapham area well; contact us today if you’re thinking of moving into the Clapham area and are seeking professional mortgage advice.
When they’re looking for mortgage advice with an experienced broker, first-time buyers are still essentially in the planning stage. There’s another reason too; according to Legal & General and the Centre for Economics and Business Research consultancy in research published in May 2017, they may be funding their deposit directly from the ‘bank of mum and dad’.
Their study found that parents are helping to fund more than a quarter of the housing purchases completed by young people in an effort to help them get on the housing ladder. They lent approximately £6.5 billion to their offspring last year, making them the ninth largest mortgage lender in the UK, just shy of the Yorkshire Building Society which lent a total of £.6.6 billion.
Navigate the complexities of the buying process with professional mortgage advice
Last year, according to the study, parents helped provide deposits for more than 298,000 mortgages, representing 26% of transactions. There’s absolutely nothing wrong with that, and those that get support for such a large financial commitment are very lucky indeed.
However, raising a deposit in this way could add complexities to first-time buyers’ long-term budgetary planning, and potentially create certain hurdles with specific lenders thanks to parents’ third-party involvement.
This is why we believe it’s so important for younger generations and first-time buyers in particular to consultant professional mortgage advice instead of accepting the first offer they receive or researching through the internet alone.
An experienced mortgage broker will dedicate their time to younger, first-time buyers with limited experience in the property market to help them make the most of a parent provided deposit situation, help them make sensible financial decisions in regard their mortgage, and stay with them long after the process is complete to offer the best guidance possible on their property journey.
No matter your age or property status, the Oportfolio team will work with you to help you find the most suitable mortgage possible when you want to get on the property ladder. Contact us today to find out more.
Your property may be repossessed if you do not keep up with repayments on your mortgage.
Please note that neither Oportfolio Limited or First Complete Limited are responsible for the accuracy of the information contained within externally linked sites accessible from this page.
Oportfolio Ltd fees are payable on application. We charge a broker fee for property purchases of £495 and a remortgage/further advance fee of £395. Our product transfer fee is £29