100pc mortgage return

I think this is a horrible idea – not only do you take away any need to save for people but you’re also putting your parents house at risk.

Saving to buy a house is essential. A house is the biggest purchase you ever make and it’s important to take it seriously. By saving you show you’re committed and financially responsible to buy a house.

New mortgages offer you the chance to buy without a deposit. It’s only available in Northern Ireland the Telegraph reports

These “guarantor” mortgages, mean that the home loan is effectively underwritten by the parents. Which means if you lose your job and can’t pay then they have to.

I don’t think this is something parents should sign up to. You probably could only offer it to one child anyway so it’d mean any others are immediately left out. And there is no security in the job market these days! There is no such thing as a job for life. They say it’s aimed at professionals who’ll earn more in the future, but there are no guarantees in life – apart from this one your parents have to sign up to.

It’d be bad enough taking out a 100% mortgage that was just your own responsibility if you lost you job, but this puts a huge amount of pressure on family relationships.

Steer well clear is my advice! House prices are unaffordable still! This scheme won’t make them more affordable at all.

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