Developer tops up bank of mom and dad

A Staffordshire housebuilder is offering to match any financial contribution that parents make to help their children buy a place of their own.

Under David Wilson Mercia’s Parent Power scheme, any parental contribution is matched up to five per cent of the purchase price. That equates to a David Wilson contribution worth up to £5,000 on a £100,000 home.

The offer comes at a time when First Time Buyers are struggling to climb onto the housing ladder without a helping hand from the Bank of Mum and Dad.

Some 57 per cent of parents say that they would help their children buy their first home, according to a YouGov survey for the National Homes Marketing Board. It also found that the majority of children would not be able to afford a property without this help.

“Everyone welcomes a helping hand when they’re buying a new home – especially when it’s their first step on to the property ladder,’’ said Carole Ashworth, Sales Manager for David Wilson Mercia.

“Parent Power is a great initiative that can solve a real hurdle for young people eager to be independent and own their own home.’’

“The extra cash David Wilson is offering could be put towards the deposit or used in some other way, for example buying carpets or furniture.”

She added: “We can also introduce you to specialist advisors including mortgage experts who can help secure the best deal for an individual’s circumstances.”

The scheme is currently available on a selection of new homes at David Wilson’s Burgess Brook development on Keele Road in Newcastle-under-Lyme.

Burgess Brook offers a selection of one-, two-, three- and four-bedroom homes, with prices starting from £97,950. The sales office is open Sunday to Friday from 11am to 6pm and from 9.30am to 6pm on Saturday.

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