Housebuilder offers help to first time buyers
Housebuilder Barratt has united with Hitachi Capital to offer parents a new way of helping their children access the mortgage market .
To this end, the UK arm of the Japanese firm is offering an unsecured loan to parents of first-time buyers purchasing a Barratt home .
While the buyer still needs to find five per cent of the value of the property to put down, their parents can borrow the equivalent of 15 per cent to give a total deposit of up to 20 per cent.
Mark Clare, chief executive of Barratt Developments, commented: “We are genuinely excited about this tie-up with Hitachi Capital because it gives parents a low-risk way to reduce the size of the deposit which their children have to raise in order to buy a home of their own.
“This product is ideal for parents who have sufficient income to service a loan but no available capital, or people who have capital which is tied up.”
Comment from Harrison Smorgon
Time October 7, 2011 at 1:27 pm
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