Tuesday, February 22, 2011
Category:
Home Improvements
According to first direct, if parents used their adult children’s board money to make overpayments of £160 per month, they could save more than £10,000 in 5 years on their mortgage.
It would seem that adult children are residing in the family home for longer nowadays, whilst they save for a deposit. This is reportedly due to the average property price in the UK remaining ‘relatively high’ at £164,773, combined with the fact that mortgage lenders now require higher loan to values than they did prior to the economic downturn.
It has been reported that whilst adult offspring are residing in the family home, they are often in full-time employment and usually make a contribution to household bills. At the same time, hundreds of pounds are also said to be set aside each month towards a deposit – money that would otherwise be spent on rent or mortgage payments. If parents were to make mortgage over-payments with their adult children’s monthly household contributions – even small sums – first direct believes that parents could significantly reduce their mortgage.
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‘Adult children’ who have recently managed to get on the property ladder, but cannot afford to put their personal stamp on their new home, could consider taking out a secured loan to fund any desired, or indeed required,
home improvements. One of many finance options available, a secured loan for home improvements could allow borrowers to completely redecorate and refurbish their new property in accordance with their personal tastes. What’s more, borrowers with overgrown gardens may also wish to utilise the funds to create that perfect outdoor space in which to enjoy the forthcoming spring and summer months.
