MBL: How to buy a property without help from mum and dad

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 15 January 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

For many young people buying a home can seem like an impossible dream. High property prices, no way of saving for a big deposit and worries about paying for a hefty mortgage. But it's not all doom and gloom. Plenty of people are buying their first homes and the programme will hear from some of them. There are some cautionary tales though and we'll hear about those too.

Felicity Hannah is joined by - Kate Faulkner, property market analyst and commentator, Ella Cheney, shared ownership programme manager at the National Housing Federation and BBC journalist Thea de Gallier who focuses on housing issues.

Producer: Ben Carter Editor: Emma Rippon

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.3	BBC Sounds, music, radio, podcasts. The Bank of Mum and Dad is so well known these days, it even has its own shorthand,
0:46.3	Beaumad. It's not very catchy. It's been estimated that help from parents funds around
0:51.3	a quarter of all property transactions in the UK. According to
0:55.5	legal in general, if parents were a bank, they'd be the 10th biggest lender in the country. But that's
1:00.7	not a bank that's open to everyone. What about wannabe buyers who can't or don't want to ask
1:05.8	their parents for financial help? How much harder is it for them to get their first foothold on the housing ladder?
1:11.8	Well, it may seem harder, but it's certainly not impossible. And on today's show, we're going to
1:15.9	hear from buyers who did just that. We also want to hear from you. So call us with your questions and
1:20.7	stories on 0-3700-100-444. But before we meet our panel, here's the story of one couple who recently bought their first home.
1:29.8	Emma and Nikki are both in their early 30s and they did it without any help from their parents.
1:34.2	I went to meet them in their Manchester City Centre flat.
1:39.6	Hi.
1:40.6	This is. Hello. Hi. Nice to meet you, Emma. Hi. Hi. This is Nikki. Hi. Hi, Nikki. Hello. She's off. Oh, yes, please. Yeah, go on then. That'll be great. Thank you. Can I get you a drink or water, coffee, tea? How long have you been in this flat? We're coming up to two years. Two years this year in June. Yeah, so we bought in 2018. And how much did you pay for it?
2:05.2	225? Yes. 225. Okay, so not a cheap flat. What kind of deposit did you need for that?
2:13.3	Yeah, we needed a 10% deposit for that, so we had to get together 20K, which thinking back,
	...

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