With property prices in many areas still sky-high, the Bank of Mum and Dad is one of the UK’s biggest lenders. The fact is that not every first-time buyer has access to these funds, and need a solution which can still help them take the first step on the housing ladder. Smartr365 can empower brokers to help first-time buyers find the right product and get the keys to a new home – read how here.
According to research from Legal & General, parents and grandparents will give an eye-watering £6.2 billion to help their children and grandchildren onto the housing ladder this year.
That money will buy more than a quarter of a million homes, mostly for young buyers, but not exclusively – one surprising finding of the research is that while almost two thirds (62%) of the under 35s needed parental support, more than a fifth of buyers aged between 45 and 54 do as well. The average amount parents and others gave to help was a massive £24,100.
But what about those who aren’t lucky enough to have parents who can afford to dig this deep? How can you help them find the right product?
One of the main benefits of Smartr365 is that its mortgage sourcing tool provide access to a vast range of products – a real whole of market offering. This offering means you can help your clients find a mortgage deal that works for them, regardless of the size of the deposit they can put together.
Of course, with Smartr365, you can also show borrowers who can get help from parents the difference this will make to the deals available, and how much they could save in monthly repayments. But it also means you can offer those without the support, and with smaller amounts saved, good options. You shouldn’t have to restrict your business to those with a 10% deposit saved, or access to help from parents.
In short, Smartr365 helps you deliver advice to every client, paving the way for growth across the full range of borrowers. Switch to Smartr365 today and find out how you can help more buyers help themselves.