It has been awhile since we have heard about the trend of parents assisting their children onto the property ladder. It happens, of course, but there has been less talk about it than in years past. That has all changed recently as there is another growing trend of the Bank of Mum and Dad becoming the route to home ownership for many and it is happening through the help of remortgaging.

The ability to remortgage into a very attractive deal is driving attention onto opportunities possible, including helping family members get their own home. Interest rates are low, there are many remortgage products being offered, and lenders are competitive for attention from borrowers which is driving the many deals coming onto the market.

There are a few products being put on the market that are specifically designed to help a parent remortgage and a child buy a home. However, there are other ways to do the same than hunt for a specifically designed deal. 

Turning built up equity into cash puts money into hand that can allow a parent to help their child buy their first home. With rising house prices, most have seen a major increase in their built up home equity. Through remortgaging, a homeowner could secure a lower interest rate to save money and also get cash into hand.

Homeowners that do choose to release equity into cash should make sure it is the right choice for them. There could be an issue if the value of the home declines in the future below that of the remortgage value. It is therefore an important part of remortgaging to ask questions and gather as much information as possible to make sure one is choosing the right deal for their needs.

In shopping for a remortgage, experts encourage that homeowners do so online. It is a quick and easy way to get quotes into hand of possible deals, savings, and opportunities available. Homeowners are also encouraged to check deals from remortgage brokers. They work with many lenders on behalf of the homeowner, and seek out the best of many offers. They are aware of which lenders will work with those that have complicated remortgage needs, and they often have exclusive deals from lenders not offered to the general public.

The demand in the housing market is pushing asking prices higher. It is shutting out many first time buyers, even with the government schemes available to assist them. The assistance of Mum and Dad could make the difference in helping first time buyers into their dream home.