‘Second steppers’ planning to move up the property ladder are finding it a tougher task than getting their first mortgage, according to recent research*.
Nearly a third say they had to turn to the bank of mum and dad to help fund their next house move. Limited equity in their first home and modest savings meant that moving into a larger home was a real challenge.
There is help at hand for homebuyers facing this predicament. Here at Saffron for Intermediaries, we have two mortgage products that are ideally suited for struggling next steppers:
Next Step Mortgage – a 5-year discount that is available up to 95% LTV.
Owner occupied 3.29% 3-year discount mortgage – we’ll lend up to 90% LTV and there is no arrangement fee.
And if parents or grandparents want to help by gifting a deposit, that’s fine with us, we’re happy to accept this form of help on many of our mortgages, and have produced a useful article which explains Gifted Deposits if you want to know more.
If you have any questions about any of our mortgage deals, please speak to either Debby Tedder on 01799 582925, Holly Andrews on 01799 582885 or Lewis Wheeler on 01799 582894, who will be happy to help.
Head of Mortgage Sales
* Lloyds Bank research, June 2017.