Designed for first time buyers who require assistance from family to help with their first house purchase deposit.
Deposit Lite mortgage offers up to a 40 year term and allows the applicant to borrow up to 100% of the purchase price. By taking a collateral charge on the parents’ property we can use equity in their property to help their children get on the property ladder with smaller deposits.
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder. Please note this maximum LTV will include any existing charge in place on parents’ property if applicable plus our charge.
5.79% variable
8.79% variable
8.4% APRC
100% on applicants property purchase (overall 80% LTV with parents property equity) including fees
None
£999
Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
3% in the first year
2% in the second year
1% in the third year
A mortgage of £310,999 payable over 35 years initially at a discount of 3.00% from our Standard Variable Rate, currently 8.79%, giving a pay rate of 5.79% for 3 years and then on our Standard Variable Rate, currently 8.79%, for the remaining period would require 36 payments of £1,729.64 and 384 payments of £2,355.12.
There is a floor of 2.50% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £968,604.12 made up of the loan amount plus interest (£655,634.12), a valuation fee (£340), legal fees (£312), solicitor's fee for independent advice for guarantor (£100), an exit fee (£100), a product fee (£999), a desktop valuation fee (£95) and a funds transfer fee (£25).
The overall cost for comparison is 8.4% APRC representative.
Valuation fees and solicitor fees may be payable
Other charges may be made in respect of mortgage services
See our fees guide for more details
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder.
The Society will take a charge on the relative's property to bring the Society's overall LTV to 80%. The charge on the relative's property is for a set amount.
The Society will undertake a TransUnion/Experian credit search and electronic verification on the guarantors.
The relatives will have liability for any shortfall on the sale of the mortgage property in repossession subject to the maximum agreed at outset.
The charge on the parent's property can be released subject to a re-valuation and satisfactory conduct of the mortgage account.
We may also accept equity in holiday homes or Buy to Let properties other than the relatives' own, subject to individual approval.
Please complete our Additional Security calculator to assist in calculating the amount of charge required on the parent's/grandparent's home.
The Society will require a basic valuation of the parent's property, this will be undertaken as an AVM Desktop valuation on this scheme. Please check below for property exclusions for AVM option.
The Society will undertake a TransUnion/Experian credit search and electronic verification on the guarantors.
Guarantors will need to provide statements for any mortgage or secured loans on their property.
Society would require that the parents have a clean credit history and to verify that any existing mortgage is not on a roll up basis.
Parents would need to take and evidence that they have had independent legal advice to ensure they are fully informed and that the solicitor can identify potential vulnerable persons.
A desktop valuation figure is calculated using information from a variety of resources and databases. This figure is checked and endorsed by our panel of RICS surveyors. Due to the nature of this calculation, the valuation figure cannot be challenged.
If we are unable to complete a desktop valuation, then a standard valuation will be required. Our usual valuation fee will apply should a standard valuation be required following an unsuccessful desktop valuation attempt and the original desktop valuation fee will not be refunded.
Please click here to review the Desktop Valuation Form Checklist
The desktop valuation model will not be suitable for all properties and the exclusions are listed below:
properties with more than 5 bedrooms,
property value in excess of £1m
minimum estimated value below £100,000 outside the M25 and below £150,000 inside the M25
no online visibility and/or has not transacted within the last 5 years
properties accessed from a private road
inconsistent property attributes
flats or maisonettes
new build property (constructed in the last 24 months), self builds or properties under construction
HMO’s (including student lets) or multi-unit freehold blocks
shared ownership properties; properties being used as a holiday let or ex Local Authority properties
commercial properties or properties located above or directly adjacent to commercial properties
properties where the flying freehold is suspected to be greater than 20%
properties with more than 1 acre of land and/or subject to resale restrictions (age/occupancy)
Listed properties
holiday lets
properties of non-traditional construction
properties suspected to be in poor condition and/or subject to renovation/refurbishment
new build, self-build or properties under construction
properties with less than 85 years unexpired lease term
properties where the EPC rating is F or G
This product accepts our standard credit criteria click here for details
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
3% in the first year
2% in the second year
1% in the third year
During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an early repayment charge.
Once the early repayment charge period has ended overpayments can be made at any time.
If an overpayment of £500 or more is made, we will recalculate the monthly payment the following month.
You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more
This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.
The minimum age is 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.
Minimum loan size £50,000.
Maximum loan size £500,000.
The maximum mortgage term is 40 years dependent on individual circumstances.
This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.
Interest is calculated daily on the balance outstanding and added to the account the following month.
Designed for first time buyers who require assistance from family to help with their first house purchase deposit.
Deposit Lite mortgage offers up to a 40 year term and allows the applicant to borrow up to 100% of the purchase price. By taking a collateral charge on the parents’ property we can use equity in their property to help their children get on the property ladder with smaller deposits.
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder. Please note this maximum LTV will include any existing charge in place on parents’ property if applicable plus our charge.
5.79% variable
8.79% variable
8.4% APRC
100% on applicants property purchase (overall 80% LTV with parents property equity) including fees
None
£999
Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
3% in the first year
2% in the second year
1% in the third year
A mortgage of £310,999 payable over 35 years initially at a discount of 3.00% from our Standard Variable Rate, currently 8.79%, giving a pay rate of 5.79% for 3 years and then on our Standard Variable Rate, currently 8.79%, for the remaining period would require 36 payments of £1,729.64 and 384 payments of £2,355.12.
There is a floor of 2.50% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £968,604.12 made up of the loan amount plus interest (£655,634.12), a valuation fee (£340), legal fees (£312), solicitor's fee for independent advice for guarantor (£100), an exit fee (£100), a product fee (£999), a desktop valuation fee (£95) and a funds transfer fee (£25).
The overall cost for comparison is 8.4% APRC representative.
Valuation fees and solicitor fees may be payable
Other charges may be made in respect of mortgage services
See our fees guide for more details
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder.
The Society will take a charge on the relative's property to bring the Society's overall LTV to 80%. The charge on the relative's property is for a set amount.
The Society will undertake a TransUnion/Experian credit search and electronic verification on the guarantors.
The relatives will have liability for any shortfall on the sale of the mortgage property in repossession subject to the maximum agreed at outset.
The charge on the parent's property can be released subject to a re-valuation and satisfactory conduct of the mortgage account.
We may also accept equity in holiday homes or Buy to Let properties other than the relatives' own, subject to individual approval.
Please complete our Additional Security calculator to assist in calculating the amount of charge required on the parent's/grandparent's home.
The Society will require a basic valuation of the parent's property, this will be undertaken as an AVM Desktop valuation on this scheme. Please check below for property exclusions for AVM option.
The Society will undertake a TransUnion/Experian credit search and electronic verification on the guarantors.
Guarantors will need to provide statements for any mortgage or secured loans on their property.
Society would require that the parents have a clean credit history and to verify that any existing mortgage is not on a roll up basis.
Parents would need to take and evidence that they have had independent legal advice to ensure they are fully informed and that the solicitor can identify potential vulnerable persons.
A desktop valuation figure is calculated using information from a variety of resources and databases. This figure is checked and endorsed by our panel of RICS surveyors. Due to the nature of this calculation, the valuation figure cannot be challenged.
If we are unable to complete a desktop valuation, then a standard valuation will be required. Our usual valuation fee will apply should a standard valuation be required following an unsuccessful desktop valuation attempt and the original desktop valuation fee will not be refunded.
Please click here to review the Desktop Valuation Form Checklist
The desktop valuation model will not be suitable for all properties and the exclusions are listed below:
properties with more than 5 bedrooms,
property value in excess of £1m
minimum estimated value below £100,000 outside the M25 and below £150,000 inside the M25
no online visibility and/or has not transacted within the last 5 years
properties accessed from a private road
inconsistent property attributes
flats or maisonettes
new build property (constructed in the last 24 months), self builds or properties under construction
HMO’s (including student lets) or multi-unit freehold blocks
shared ownership properties; properties being used as a holiday let or ex Local Authority properties
commercial properties or properties located above or directly adjacent to commercial properties
properties where the flying freehold is suspected to be greater than 20%
properties with more than 1 acre of land and/or subject to resale restrictions (age/occupancy)
Listed properties
holiday lets
properties of non-traditional construction
properties suspected to be in poor condition and/or subject to renovation/refurbishment
new build, self-build or properties under construction
properties with less than 85 years unexpired lease term
properties where the EPC rating is F or G
This product accepts our standard credit criteria click here for details
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
3% in the first year
2% in the second year
1% in the third year
During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an early repayment charge.
Once the early repayment charge period has ended overpayments can be made at any time.
If an overpayment of £500 or more is made, we will recalculate the monthly payment the following month.
You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more
This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.
The minimum age is 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.
Minimum loan size £50,000.
Maximum loan size £500,000.
The maximum mortgage term is 40 years dependent on individual circumstances.
This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.
Interest is calculated daily on the balance outstanding and added to the account the following month.