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Loan repayments: First-time buyers should beware of new mortgage scheme

First-time buyers looking to enter the property market should be wary of a new mortgage scheme that allows parents to put down a deposit to help their children buy a new home.

Timothy Lambert, head of consulting at property investment consultancy Ducalian, claims that this type of lending is simply more debt per household.

The scheme from Hitachi Capital allows parents to apply for an unsecured personal loan of up to £50,000, meaning the typical buyer will only need to raise a deposit of five per cent.

Mr Lambert said: "We may find once again that people have bitten off more than they can chew in order to own a home. The only difference this time, is that the parents will have to bail out their children on the loan.

"Buyers still need to save and must learn from what has happened these last four years."

He added that this route should only be taken if buyers plan to add value to the property.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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