6 March 2013

Bath Building Society recently revealed it is to offer 100% mortgages as reported on houseladder.co.uk.

The lender announced it will be providing the home loans to help first-time buyers access the property ladder.

In order to secure a home however, it has been reported that the equity in the buyer’s parents’ home will be used as a deposit.

Adrian Anderson of mortgage broker Anderson Harris commented on houseladder.co.uk that: ‘It comes as no surprise to hear that "many first-time buyers have had to rely on the Bank of Mum and Dad - or increasingly the Bank of Grandma and Grandad - to get them on the housing ladder." ’

The news came after the Council of Mortgage Lenders revealed that 15% more first-time buyers successfully accessed the property market in London in 2012.

@movewithus

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