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Essential works - Kirkby in Ashfield (from 28 June)

House price inflation has made it harder for first time buyers to raise the deposit they need to buy their own home.

With our Family Assist mortgages, no physical deposit is required by the borrower. Instead, security is provided from a family member (such as a parent or grandparent) to help the borrower access a mortgage at 100% loan to value (LTV).

The family member provides the security as 20% of the value of the property being purchased either as cash savings with us or as equity in their own property.

The collateral security (i.e. the savings or equity) will be held by the Society for 7 years from the start of the mortgage with release subject to requirements within an Agreement, which can be found via the details below.

Our Family Assist mortgages are available in the UK in England, Wales and Scotland* for the property equity option and in England and Wales for the cash savings option.

To find out more, see the product details below or make an appointment with one of our mortgage advisers who would be happy to talk through your options. Call us on 01623 676345 or enquire online.

*Postcode restrictions apply in Scotland, for more details see our Residential Mortgages – Important Information for further details.

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Family Assist Mortgages Frequently Asked Questions

Show FAQ - What is a Family Assist mortgage?

A Family Assist mortgage allows a family member to purchase a property at 100% loan to value when you provide security either as savings (deposited with us) or as a legal charge over equity in your property.

In either circumstance, the security must be 20% of the value of the property being purchased. So for example, if the value of the property being purchased is £100,000 then a family member must deposit £20,000 in savings with us or allow us to take a legal charge equivalent to £20,000 in equity on their property. In these scenarios, the borrower would then be able to take out a mortgage at £100,000.

Show FAQ - What types of family mortgages are there?

Family Assist is one type of family mortgage where a family member provides security in the form of savings or property equity to allow the borrower to access a 100% mortgage. There are other ways family members can help out too.

To help a family member buy a property, we can also accept a gifted deposit from a family member or, in some cases, allow a family member to contribute to the mortgage payments without having any ownership rights on the property (something known as Joint Borrower Sole Proprietor). These options are available on our standard product range and you can find out more on our First Time Buyer mortgages web page.

We also offer Family Buy to Let mortgages. This is where someone buys a property and lets it out to a close family member as a tenant. In this circumstance, the person living in the property has no ownership rights and it is the family member who is the landlord who owns the property.

Show FAQ - Is a Family Assist mortgage a 100% mortgage?

Yes – whilst 20% of the property price is provided as security, the mortgage loan is 100% of the purchase price of the property.

Show FAQ - What are the advantages of a Family Assist mortgage?

Family assist mortgages are designed to allow people the opportunity to purchase a property without having to directly provide a minimum 5% cash deposit. Instead, a family member provides security for a period of time (7 years in our Agreement) and all being well, after this time the security is returned to the family member and the borrower can go on and access a conventional mortgage.

Show FAQ - Are there any disadvantages to Family Assist mortgages?

There are a few things to consider. Firstly, the property is owned by the borrower and the family members providing the support will have no rights over the property being purchased.

Also, when the family member provides the cash savings or equity security they are entering into an Agreement, which includes conditions relating to the borrower and consequences of the borrower not maintaining their mortgage repayments.

For family members using the cash savings scheme, their savings could be used to cover losses in the event of repossession or to make up any mortgage shortfall. We recommend independent legal advice for this option.

For family members using the property equity option, they will need to take independent legal advice to allow us to take a legal charge over equity in their property. The legal charge may restrict them if they want to move home or borrow more money and their residential property may be repossessed by us to recover debt in the event that the borrower’s property is repossessed and/or sold at a loss. Liability is limited to the amounts specified in the ‘legal charge’.


1. Initial Rate

The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR. Our SVR is set by us and is currently 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate will go up or down with changes to our SVR.

2. Overall Cost for Comparison

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Max LTV

Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage. Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.

Your home may be repossessed if you do not keep up repayments on your mortgage

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