Remortgage Could Aid a Child in Affording a House
In a perfect world, young first time buyers would always be able to afford the deposit which is due on a house at signing. The reality of today is in stark contrast to that world and it has been for some time now. First time buyers are still struggling to come up with the deposit amount and have been since 2007. Parents are now stepping in to help their young house buyers, even when the financial burden is already tough for them to manage. There could be a solution for parents who are trying to help their children and running financially tight themselves. That solution could be found in a remortgage. A remortgage is possibly able to lower a monthly mortgage payment, freeing up cash to help a child in need.
Adrian Anderson, with Anderson Harris mortgage broker, commented on how parents should view assisting a child with financial aid. She said: "While it is understandable that parents and grandparents want to help children and grandchildren on to the property ladder, it is important not to overstretch yourself financially so that you sacrifice a comfortable retirement.”
A remortgage could be that tool which makes it possible for a parent to help a child who needs a little extra to afford a deposit. Often it is not the monthly mortgage payment which makes it impossible for a first time buyer to afford a house, simply the deposit.
Researching a remortgage online is free and it can lead to a new world of opportunities; the least of which could be helping a child in need.