No deposit required by borrower. Security from a family member instead.
Family provides cash savings (England and Wales only) or property equity as security (20% of the propety value).
Fixed rate and discounted rate products available.
House price inflation has made it harder for first time buyers to raise the deposit they need to buy their own home.
Our Family Assist mortgages allow family members to support a borrower access a mortgage of 100% of the value of the property by providing collateral security using either cash savings (England and Wales only) or equity in the family member’s home.
The collateral security (i.e. savings or equity) will be held by the Society for 7 years from the start of the mortgage with release subject to obligations within an Agreement, which can be found via the details below.
To find out more, see the product details below or make an appointment with one of our mortgage advisers.
| Term | 5 years |
| Initial Rate1 | 3.89% |
| Overall Cost For Comparison2 | 5.4% APRC |
| MAX LTV3 | 100% |
| Early Repayment Charge | 3% |
| Product Fees | £199 application fee, no completion fee |
A mortgage of £115,000.00 payable over 28 years initially on a fixed rate of 3.89% for 5 years and then on our current standard variable rate of 5.99% for the remaining 23 years would require 59 monthly payments of £563.28 and 276 monthly payments of £685.83; plus one initial interest payment of £379.94.
The total amount payable would be £223,770.54 made up of the loan amount, plus interest and fee(s) totalling £108,770.54. This includes Application Fee (£199), Chaps Fee (£25), Legal Fees (£350), Valuation Fee (£169) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.4% APRC representative.
| Term | 3 years |
| Initial Rate1 | Currently 3.69% |
| Overall Cost For Comparison2 | 5.7% APRC |
| MAX LTV3 | 100% |
| Early Repayment Charge | 3% |
| Product Fees | £199 application fee, no completion fee |
A mortgage of £125,000.00 payable over 40 years initially on a variable rate, currently 3.69% for 3 years and then on our current standard variable rate of 5.99% for the remaining 37 years would require 35 monthly payments of £499.04 and 444 monthly payments of £677.02; plus one initial interest payment of £391.75
The total amount payable would be £319,323.03 made up of the loan amount, plus interest and fee(s) totalling £194,323.03. This includes Application Fee (£199), Legal Fees (£350), Valuation Fee (£169), Chaps Fee (£25) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.7% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage
Want to ask us a specific question? Enquire online here or phone us on 01623 676345
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