First time buyers may soon be able to get onto the property letter using a new type of mortgage scheme. An example of this new type of mortgage may soon be offered by a mutual, One Family, and has been dubbed the ‘inter-generational mortgage’ which will allow elderly relatives to provide security for the mortgage using their own home.

Key Takeaways:

• Grandparents will be able to help the younger generations onto the housing ladder thanks to a flurry of new mortgages.
• ‘Inter-generational mortgages’ will allow an older homeowner to offer their home as security.
• This allows a younger member of the family to buy a home with a small deposit, and they will then be responsible for paying off the debt.

“Grandparents will be able to help the younger generations onto the housing ladder thanks to a flurry of new mortgages.”

https://www.mirror.co.uk/money/buy-your-first-home-your-8081145