Yes, you read that right, as of Wednesday the 24th June our award winning 95%* Family Mortgage is returning to the market along with some other product improvements to help you and your clients.
How could the FAMILY MORTGAGE help?
Mr and Mrs Smith, can afford a mortgage of £237,500 on a purchase price of £250,000 (95%) in their own right. However they are struggling to be able to find a lender to help them due to either lack of mortgage availability, or very strict credit scoring. (we do not score, we search and therefore can look at each case individually. The computer does not make the decision for us).
One of their parents owns their property with a small mortgage and are willing to provide a £50,000 (20% of purchase price) charge against this. As long as both properties are suitable security for us and the parents are happy to take independent legal advice surrounding the arrangement. Mr and Mrs Smith can still buy that dream home.
This is just one type of scenario that this product can help with. Further information below, or contact me to discuss your case.
How it works(the finer details):
- Family members can use one or a combination of three different ways to provide 20% additional security to borrowers:
1 Secure a charge over their main residence property (as above) or;
2 Deposit savings in our Family Security account which earns interest or;
3 Deposit savings in our Family Offset account which further reduces the mortgage cost for the borrower
Other great news!
- We are increasing our LTV on our normal Residential Product range up to 75% and making rate reductions on some of the existing product range.
- We are increasing our LTV on our BTL product range up to 65% and making adjustments to the pricing on these products as well.
The Financial Adviser Service Awards 2020
Do you feel we have given you 5 Star Service recently? Then please vote for us! As a Building Society, we value our brokers and strive to give a 5 Star rating at all times.
*The Family Mortgage requires additional security through a close family member. Subject to terms and conditions. Please contact myself or our new business team for further information.
Business Development Manager