Parents are having to provide a roof over their children’s heads for longer.
It’s no surprise that with the increase in the cost of living, young adults are having to live with their parents for longer and are finding it difficult to buy their own home. Whilst these challenges are not
likely to go away anytime soon, there are some options available for first-time buyers.
What help is there for first-time buyers?
There are low deposit mortgages available from lenders and some will accept builder’s incentives towards the deposit. So, if you are considering a new build property, it’s worth checking with any developers to see if they have any offers.
Some mortgage providers will allow for a longer mortgage which could make monthly repayments more affordable. For those who go down this route, it’s important to review the mortgage regularly to make sure you don’t pay more interest than you need to in the long run.
With any first-time buyer scheme or mortgage its best to seek advice if you are unsure if its right for you.
What can First-Time buyers do to help themselves?
Start saving for a house deposit as early as possible and speak to a mortgage adviser to help understand your options.
Whilst it’s true there are some tough challenges, the West Brom, continues to help more first-time buyers into a home. 4,684 last year to be precise!
To find out more about mortgages, you can pop in to one of our branches or visit our website.
The West Brom is a leading provider of financial services and the seventh largest building society in the UK. Proudly independent, the West Brom is owned by and run for the benefits of its members.
Since its foundation in 1849 the West Brom has been commitment to supporting its customers and its fundamental principles have been and remain to offer people the opportunity to buy their own home and save for the future. The West Brom strives to support the communities it operates and is proud to support local causes and community groups through grants and corporate volunteering.
