Help for First Time Home Buyers
How parents can seek out the right financial advice
Financial advice for parents helping children into the property ladder is an important consideration. Before you make any major financial decisions, you should seek out the right advice. But ‘advice' comes with several definitions. Since November 2004, mortgages and mortgage-related advice has come under the regulatory eye of the Financial Services Authority (FSA). Then the FSA introduced ‘depolarisation' which reorganised the way advice is given from two options to three. Now you can seek advice from any one of the following:
A tied adviser: These work – and will therefore recommend products – on behalf of just one lender.
A multi-tied adviser: These will recommend products from a limited range of lenders.
An Independent Financial Adviser (IFA): These will recommend products from the whole market.
However, be warned that if you go to see an Independent Mortgage Adviser, they will be independent on mortgages but perhaps not insurance – and 78 per cent of homebuyers take insurance alongside their mortgage.
Contact a professional advisor to seek quotes for equity release , remortgaging or a secured loan . An advisor will help you know the best direction to go in and the costs of parental help.
More Information about Parental Help for First Time Buyers
Helping with a deposit l Helping with the mortgage l Making a gift l Tax Implications of parents helping children l Legal Implications of parents helping children
- FirstRungNow works with a network of independent mortgages advisors who deal in mortgages , remortgageing quotes , equity release advice and associated insurance products.
- Seek pensions advice about how you can use your persion to help.
- Obtain a quote for a secured loan .
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