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Parents get further incentive to help kids buy

Friday, 4 November 2011 1:03 PM

Lovell has extended its scheme to help first-time buyers use the bank of mum and dad.

The firm will make sure that parents or anyone willing to help with a deposit for a first home will receive the equivalent of five per cent interest on the amount for five years, payable as soon as the buyer moves in.

And it says buyers should be able to get a better mortgage rate and lower monthly payments as a result.

Five developments across Manchester are the latest to offer the Give and Gain scheme providing a mix of apartments and houses.

The maximum gifted deposit allowed is 20 per cent of the purchase price, although Lovell says some lenders will accept a smaller deposit or it could be supplemented by the buyer's own savings.

It quotes the example of someone buying a £120,000 two-bed home and getting a 20 per cent Give and Gain deposit of £24,000. The family member or friend who came up with the deposit would earn £6,000 "interest".

Elaine Taylor, regional sales manager for Lovell, said: "This is a fantastic scheme for first time buyers and their families if they are able to help out."

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