When you are looking at buying your first property the people you think of to help you out with a home loan is probably a mortgage broker. While a broker is the best place to start, it’s also worth talking to your parents about how they might be able to make life easier for you financially. Not only are they probably the best equipped to teach you all about running a home but also, they can help you out in ways you might not expect at first. Here are three reasons your parents should be the top of your call list when you are planning to buy your very own home.

• They could be your guarantor.

  What this means is that if your parents own their own home and have been reliable and successful in making repayments over the course of their loan period then they can effectively put their home up as collateral if anything does go wrong. This is a good way of getting a leg up in the property market without asking your loved ones for a major cash injection. This is especially helpful if you might not have the full deposit amount but have shown your ability to save.

  You generally need to seek advice about this as there can be some negatives with having a guarantor on your loan but our mortgage specialists are happy to talk to you about this.

• Cash deposits for Christmas.

  While it might be a little awkward to straight up ask for enough money to put a deposit down, if you and your parents have the ability to do so it could be a good idea.

  Whereas asking to become your guarantor means they are putting their own house at risk, gifting money to put toward a deposit could mean that in the long run it is safer for the family home. Depending on the size of the loan you are seeking and your ability to make repayments, you could even ask your parents for an interest-free loan for the deposit so long as you can pay them back and have shown that you have a steady stream of income.

• Half the load, half the debt.

  This particular method is probably going to sound the most daunting to some, especially for your parents, however it has the potential to be the most lucrative for both parties. While decades ago it was quite normal to pass on the family home to your children a new trend has emerged where parents and children both own the home and therefore both make repayments. This not only makes it a lot less stressful on you but it’s also a great way to invest in the future possibilities and don’t worry, your in laws don’t have to live with you!