Plans to help youngsters on to housing ladder through pensions, welcomed by county estate agent
Plans to help young people get on to the housing ladder by unlocking their parents' pensions have been welcomed by a county estate agent.
Youngsters struggling to buy a home would be able to use their parents or grandparents' retirement funds to help secure a mortgage under the Government initiative.
James Birt, partner at Naylor Powell estate agents, which has offices in Gloucester, Newent and Stonehouse, said it was "very interesting news" for estate agents.
He said: "So many people are already helped with their first-time purchase by parents or grandparents but this really is a great step in the right direction and could have a significant effect on the property market."
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Details of the scheme are yet to be finalised, but aides said it would see the lump sum element of pensions used as collateral for raising home loans.
Hundreds of thousands of people could be eligible for the arrangements, which are expected to be in operation by 2015.
Parents would lose their lump sum if the child defaults on mortgage repayments, but the rest of the retirement fund would be unaffected.
Meanwhile, potential house-buyers have a chance to view recently completed luxury apartments at the city's docks tonight.
A number of apartments are available for sale and to let in the popular warehouses, through Naylor Powell.
Apartments are for sale from £114,950 or to let from £575 per calendar month.
Ten warehouses have now been completed as part of the docks' regeneration.
n open evening is taking place between 5.30pm and 7.30pm.
Comments
by honslknjklyt
Wednesday, September 26 2012, 1:44PM
“And what about people in their 40s who are still trying to save for a deposit??? It is not just young people trying to get on the ladder. Some in their 40s have never been on it and would like to instead of being stuck in private tenancy.
As for parents what an unfair idea, not everyone has got parents but they need their pensions for themselves. It is a sheer disgrace.
Bank of mum and dad went bankrupt years ago apart from a select well to do lot.”
by honslknjklyt
Wednesday, September 26 2012, 1:43PM
“And what about people in their 40s who are still trying to save for a deposit??? It is not just young people trying to get on the ladder. Some in their 40s have never been on it and would like to instead of being stuck in private tenancy.
As for parents what an unfair idea, not everyone has got parents but they need their pensions for themselves. It is a sheer disgrace.
Bank of mum and dad went bankrupt years ago apart from a select well to do lot.”
by SandraPee
Wednesday, September 26 2012, 1:06PM
“Good advert for Naylor Powell trying to flog their dock side apartments ! Really stupid government initiative wanting parents and grandparents to risk their hard earned pension money ! This money is going to have to help them through THEIR old age , and to risk a default would be sheer stupidity.
A lot of parents and grandparents already help their youngsters out as and when they can , so , nice try, but, I wouldn't go near this scheme with a bargepole .”