Hitachi to offer £50,000 loans to parents of home-buyers - Telegraph
The fund from Hitachi, part of the giant Japanese conglomerate, is designed to be an attractive funding option for parents and is understood to be the first of its kind.
It is envisaged that under the scheme, if a buyer finds an 80pc mortgage they will only need to provide a 5pc deposit. The remaining 15pc would be funded by the parent through an unsecured loan by Hitachi.
Initially, the loan will only be offered on new Barratt homes – which includes its Barratt, David Wilson and Ward brands – but the scheme could expand to other housebuilders.
The loans will be offered at a 5.4pc fixed rate. There will be no early repayment charges and unlimited overpayment is allowed without penalty. The scheme will be open to parents who are homeowners and have a "good credit history".
Cool! And if the parents can't afford the payments, they can call Ocean Finance on 0800 9169186.
No worries!
The fund from Hitachi, part of the giant Japanese conglomerate, is designed to be an attractive funding option for parents and is understood to be the first of its kind.
It is envisaged that under the scheme, if a buyer finds an 80pc mortgage they will only need to provide a 5pc deposit. The remaining 15pc would be funded by the parent through an unsecured loan by Hitachi.
Initially, the loan will only be offered on new Barratt homes – which includes its Barratt, David Wilson and Ward brands – but the scheme could expand to other housebuilders.
The loans will be offered at a 5.4pc fixed rate. There will be no early repayment charges and unlimited overpayment is allowed without penalty. The scheme will be open to parents who are homeowners and have a "good credit history".
Cool! And if the parents can't afford the payments, they can call Ocean Finance on 0800 9169186.
No worries!
)
Comment