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Other charges may be made in respect of mortgage services. See our Fees Guide for 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. Parents or grandparents must have minimum remaining equity of £130,000 and the maximum loan to value (LTV) is based on the number of bedrooms as follows:
4+ Bedrooms 60% Maximum LTV
3 Bedrooms 50% Maximum LTV
2 Bedrooms 40% Maximum LTV
1 Bedroom homes would not be considered.
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 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.
The Society will undertake an 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 Higher Lending Charge does not apply.
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.
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.
The First Time Buyers will need to demonstrate they can afford the mortgage payments in their own right and pass normal affordability checks.
The amount we lend will be based on our assessment of affordability. Income multiple cap is 4.5 x first income plus 3.5 x second income or 4 x the joint income. Debt consolidation is not available.
This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.
We will carry out electronic verification to prove the applicant's identity, but we may also ask for documentary evidence of identity. This can include the applicant's latest mortgage statement, certified proof of residency or other loan or card statements.
References may be taken up and credit searches will be made. Cases may be declined due to previous adverse credit or information that is not disclosed on the application form.
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Our high level of service and flexible approach sets us apart. We accept applications via mortgage brokers and assess cases on an individual basis, with affordability being the key.
In order to apply for one of our mortgages you need to contact a mortgage broker. Mortgage Advice Bureau works with us to provide our customers with expert mortgage and protection advice. To find out more visit Mortgage Advice Bureau