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Parent power helps buyers in Newport

26th August 2009 Print
Parent power helps buyers in Newport With four out of ten first time buyers receiving help from their parents to get on the property ladder, George Wimpey is encouraging first time buyers and their parents to visit its City Vizion development in Newport to find out about the different options available to help get them moving.

Sara Taylor, regional sales and marketing director, explains: “In the current market, it is hardly surprising that most first time buyers now need a helping hand to buy their first home and there are lots of ways that parents can help, from simple cash handouts and loans through to acting as a guarantor on the mortgage loan.

“We can work together with families to create a deal that works best for them. For instance, giving a cash deposit is often the favoured option for both parents and their children. With our Deposit Match scheme we can double any deposit up to 10% of the property’s value. This allows parents to boost the funds available to their children with an interest free loan, which increases the number of mortgage deals available and reduces monthly repayments. In addition, we have a range of other incentives available to help first time buyers move out of the family home and get onto the property ladder, such as stamp duty and legal fees paid.”

Diane Batten from Cascade Mortgages comments: “Helping out with deposits is one way that parents can often contribute to their children’s house purchase but there are lots of other options too. An increasing number of parents are offering to buy property with their children – either with cash or through a joint mortgage. Parents who have seen their own property go up in value may feel comfortable releasing some equity from their own home to pass on to their child by remortgaging.

“Family offset mortgages allow parents to count their savings against interest being charged on a mortgage held by a child, which can reduce their monthly mortgage repayments. Alternatively parents can act as guarantors on their child’s mortgage, effectively underwriting the child’s debt. There are pros and cons to all of these options depending in your individual circumstances.”

Visitors to City Vizion can speak to George Wimpey’s experienced sales executives to get advice on the different options available. The development offers a range of properties that are ideal for first time buyers, with one bedroom apartments starting from just £99,950.

Each apartment comprises an open plan living and dining room with integrated kitchen, spacious bedroom and modern bathroom, with many also boasting views over the river and benefitting from their own balcony.

Situated in the heart of Newport’s regeneration zone, the development is perfectly placed to benefit from investment in the area. Newport train station runs frequent services to Cardiff, only 20 minutes away, and to London, in under two hours. There is also a direct service to Cardiff International Airport for those wishing to travel further afield.

For further information about the properties available at City Vizion, visit the information centre on Rodney Parade, open daily from 10.00am to 5.00pm, or log on to georgewimpey.co.uk.

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Parent power helps buyers in Newport