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Helping Millennials get a foot on the property ladder

26 April 2017

Millennials, Generation Rent, Generation Y. However they’re described, the financial situation faced by some of those born between the early 1980s and late 1990s has been well documented.

A competitive job market, take-home pay eroded by higher living costs and large student loan repayments are leaving many feeling owning their own home is becoming an increasingly distant dream.

These borrowers might be finding it more challenging trying to borrow from high street banks. This means more people are renting, giving them less opportunity to save for the deposit they need to purchase their own homes.

Fortunately, specialist lenders like Precise Mortgages offer products to help those underserved by the high street get a foot on to the housing ladder.

We offer products for borrowers looking to buy a new build property using the government’s Help to Buy scheme, including those who might only have a small deposit or a less than perfect credit profile.

Borrowers contribute 5% of the purchase price as a deposit. The Help to Buy scheme provides a five year interest free shared equity loan of 20% of the purchase price, which increases to 40% for borrowers living in London. We then provide a mortgage for up to 75% of the purchase price (55% in London).

We also offer products to help people who are renting a local authority or housing association property and would like to purchase it under the Right to Buy scheme.

The Right to Buy scheme makes properties available at a discounted purchase price to help people make the house they’re renting their permanent home.

Borrowers must have been a local authority or housing association tenant for at least three years to qualify for discounts which can be as much as £77,900 outside of London or £103,900 in London.

With first time buyers finding it tough to get a mortgage, more parents are giving their children a helping hand in raising funds for a deposit. For situations like this, second charge loans are a viable alternative to remortgaging. The loans can be used for any purpose and could be ideal for those looking to raise capital by releasing equity from their existing residential property.

Rates start from 3.82% for our Help to Buy products, from 4.89% for our Right to Buy range and from 3.70% for our second charge loans. We consider customers with less than perfect credit histories for all of our products.

For more information, visit

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Precise Mortgages is a trading name of Charter Court Financial Services Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register Firm Reference Number 494549). Registered in England and Wales with company number 06749498. Registered office: 2 Charter Court, Broadlands, Wolverhampton WV10 6TD. Copyright © Precise Mortgages 2017.