Ducalian urges against new first-time buyer mortgages

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Ducalian urges against new first-time buyer mortgages

A source from Ducalian has discussed a new mortgage provided by Barratt and Hitachi Capital.

Timothy Lambert, head of consulting at the property investment firm, advised first-time buyers to be wary of signing up for the arrangement, which allows parents to get a loan to fund the majority of a deposit for their children.

He said it is important that people do not "bite off more than they can chew"

"Someone has to pay the loan and whilst tied to the parents, the children will have to fund this eventually," said Mr Lambert.

The Ducalian spokesperson predicted the deal could prove to be popular in the current mortgage market, since it offers a genuine alternative for applicants.

But he suggested people treat the Hitachi/Barratt deal as a last resort, rather than a preferred option.

The scheme allows people to sign up for a Barratt home with just a five per cent deposit, with the rest of the 20 per cent required coming from the loan applied for by parents.

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