F
or many prospective purchasers, saving a deposit is a significant hurdle, leaving adult children living with their parents for years while they try to save. While parents often wish to help, they may not have the financial flexibility to gift the necessary funds.
The Family Assist mortgage from Beverley Building Society is bridging this gap, making homeownership more accessible. Our innovative solution allows first-time buyers to borrow 100% of the property purchase price, eliminating the need for a cash deposit. Instead, parents can support their children by placing a 20% charge on their own property, acting as security for the lender.
- The arrangement means parents don’t need to part with savings or liquidate investments, while first-time buyers can achieve homeownership faster. This product offers a vital leg-up on the property ladder and allows parents to help without immediate financial strain.
- For mortgage brokers, this product represents an exciting opportunity to serve families eager to overcome the deposit barrier. With the right guidance, this solution can transform the home-buying journey for first-time buyers and their supportive parents.
And don’t forget to follow our dedicated LinkedIn page at Beverley Building Society Intermediaries for our latest mortgage updates!
The Business Development Team
Beverley Building Society Intermediaries
And don’t forget our full suite of mortgage products include the following…
We have the experience and expertise to lend in areas of the market where others won’t, such as: –
- Lending into retirement
- Residential Interest-Only with no minimum income requirement
- Joint borrower sole proprietor
- Self-build mortgages and conversions, including those involving unusual properties
- Accept mixed use with a minimum of 40% residential usage.
Plus many more examples.
For more information on our mortgage proposition, please visit our website for more details.