It's cheaper than you think to help stay-at-home kids to fly the nest

New research has revealed that nearly three out of 10 parents still have grown-up children living at home with them – but that needn’t be the case, says leading housebuilder Taylor Wimpey South East.

According to a survey conducted by the National Housing Federation, 27% of parents said at they were still supporting at least one adult child aged between 21 and 40 at home, with 66% of that number saying this was because their offspring couldn’t afford to rent or purchase their own place.

But thanks to the range of helpful homebuyer incentives now available at Taylor Wimpey developments across Kent, Sussex and London, now is the ideal time for fed-up parents to help their children finally fly the nest.

Under the Government-backed Help to Buy scheme, for example, first-time buyers can secure their new Taylor Wimpey home for 80% of its full price – including a deposit as low as 5%.

Jason Stokes, Regional Sales and Marketing Director for Taylor Wimpey South East says: “One of the reasons we suspect many adults are still living with their parents is because they assume that home ownership is simply out of the question, either because they think they have to save a huge deposit or because they believe they can’t afford the repayments on a mortgage – or both.

“Thankfully, Taylor Wimpey offers a range of solutions to enable would-be homebuyers to step on the property ladder with only a 5% deposit. For parents who are keen to get their grown-up kids out from under their feet, this may well be considered a price worth paying.”

Under the Help to Buy scheme, eligible first-time buyers receive a 20% equity loan from the Government towards the cost of their new Taylor Wimpey home, meaning they only require a 5% deposit and a 75% loan-to-value mortgage.

The initiative is available on new-build properties up to the value of £600,000 and there is no salary cap for customers taking advantage of the scheme. Help to Buy is also available to purchasers with a property to sell.

Alternatively, the NewBuy incentive enables credit-worthy buyers to secure their new home with a 95% mortgage.

For further information about Taylor Wimpey developments and range of purchaser incentives, visit taylorwimpey.co.uk/southeast.