Seeing their kids struggle to save despite living back at the family home, the Fosters stepped in.
John and Diana Foster came across Tembo while researching ways to help their two daughters get on the ladder.
Over the past four decades, the Fosters have lovingly restored their family home themselves. They have no mortgage, and over the years the property has gradually grown in value, meaning they now have a healthy nest egg for retirement and beyond.
Despite being happily retired in their beautiful home, the Fosters had a nagging frustration. Their daughters Katie and Tilly are in their thirties and – like so many young adults – are living back at the family home trying to save to buy their own place. Both are desperate to get a foot on the ladder and get their independence back, but despite having steady income in permanent employment and a sizeable pot of savings, home ownership couldn’t feel further away.
Having invested so much into the renovation of their family home, John and Diana didn’t have sufficient savings to tap into to solve their daughter’s housing predicament. But luckily, they found us. As both parents had good retirement income, and a property with no mortgage remaining, they were ideal candidates for a Deposit Boost. After we consulted with them to understand their situation, the family were able to unlock £100,000 from their home – money that enabled Katie to take out a first-time buyer mortgage on her dream home. And what a home it is – a cottage nestled into the rolling green hills of Sussex.
In the next year or so when Tilly is ready to buy, the Fosters will repeat the process for a second time. And voila, the girls will both have their own renovation projects to work on and nest eggs to grow.
Tim is in a stable, successful job but a deposit was getting in the way of his dream home.
His mum was keen to help, but without the cash available to pass over to him, a deposit boost was the perfect answer.Read more