As a parent, you want to give your kids the best start in life possible. But with soaring house prices, it can be difficult for them to get onto the property ladder. That’s why we’ve put together some top tips to help your children get on the property ladder and make their dreams of home ownership come true!
Don’t let them over stretch themselves
So what can you do to help your kids get on the property ladder? One thing you can do is help ensure they don’t over stretch themselves. With the cost of living rising it’s really important that your kids don’t take on more than they can comfortably afford. Mortgages, utilities and food costs are all on the rise so a pragmatic and sensible approach is needed.
Build Up A Healthy Deposit
It’s also important to encourage your kids to start saving as early as possible. The sooner they start saving, the easier it will be for them to reach their goal of buying a house. If you want to help them out by giving them some money towards a deposit you could encourage them to save by offering to match any savings they build up.
Wait For A Good Deal
The cost of living crisis is going to have an impact on affordability. Some analysts believe there will be a correction in house prices in 2023. So make sure you research the property market and find a property that’s not overpriced. Patience is a virtue and so don’t let your children jump to buy the first house they see. Finding the right property will take time so don’t rush in until they are sure.
The Right Mortgage Deal
The right mortgage deal can save your kids thousands of pounds over the course of their loan. Here are a few tips to help them find the best deal:
1. Compare rates from multiple lenders.
2. Look for deals with low interest rates and fees.
3. Consider fixing the interest rate to protect against rising rates.
4. Get advice from an independent mortgage broker.
5. Read the small print carefully before signing anything.
Of course when they do finally find a property, they’ll probably need help in furnishing it. So don’t spend all your money on helping them with a deposit. You’ll want a comfortable chair to sit in when you visit them!