Criteria updates to help more of your clients!
Helping a first-time buyer afford a two-bedroom house instead of a one-bedroom flat.
The results are in: Parents are likely to double financial support to children if their contribution can be structured as a loan rather than a gift.
Criteria updates to help more of your clients!
We’ve made some changes to our criteria guide so that it’s clearer, easier to use, and allows you to help more clients!
Some highlights:
- We can accept self-employed applicants with only 1 year’s worth of accounts (if they can prove a track record in the same industry & similar salary)
- Employed applicants only need the last two months (or 8 week’s) payslips as proof of income, and last month’s bank statement
- We’ve expanded our definition of ‘close relative’ to include step-children and step-siblings
Visit the criteria hub to see more of the changes we’ve made.
Helping a first-time buyer afford a two-bedroom house instead of a one-bedroom flat
Jeanette, a self-employed sole trader, was looking to buy her first home. On her income of £24,214 she could afford to buy a one-bedroom flat in her area. But she really wanted a home with a garden.
Read here, to see how we were able to lend her over £90,000 more (allowing her to buy a 2-bedroom house) by adding her dad on the mortgage as an income booster.
The results are in: Parents are likely to double financial support to children if their contribution can be structured as a loan rather than a gift
Our research survey of over a thousand parents of children aged 18-34, found that those with the ability to help their children would be willing to gift an average of £13,088 to support them. However, this number rose to £22,093 if their contribution could be structured as a loan.
With deposits becoming more of an issue for first-time buyers, harnessing this extra support could be key to unlocking homeownership for many.
Our deposit booster feature allows parents (or other family members and friends) to give towards their child’s deposit as an interest-free loan, protecting their financial interests.