"Having family members’ income taken into account provides an ideal solution for those who can afford a mortgage but might otherwise struggle to meet the income multiples required"
The Society’s Family Assist mortgage products allow parents, grandparents and other relatives to support first time buyers with house purchases.
Up to four applicants are permitted on the mortgage, with the highest two earners used for affordability purposes, and income multiples of up to 4.5 x annual income will be considered.
To further benefit first time buyers in other areas, the Society has extended the geographical area in which 5% deposit mortgages will be considered. The Society’s 95% LTV products will now be offered to customers living in postcode areas NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA.
The new range of Family Assist products includes a two-year fixed rate product at 3.45% with no product fee and a £150 application fee.
Also on offer is a two-year fixed rate purchase product at 3.95% which features £1,000 cashback. A 3% early repayment charge applies, and the product comes with no product fee and a £150 application fee.
Colin Strong, Head of Broker Sales, commented: “The Society is pleased to launch these new Family Assist mortgage products at a time of fierce competition in the housing market and prices which are often out of reach of first time buyers. Having family members’ income taken into account provides an ideal solution for those who can afford a mortgage but might otherwise struggle to meet the income multiples required to buy the home of their dreams.
“With our low deposit range, Help to Buy: Wales specific products and a number of savings accounts aimed at future home buyers, this launch further demonstrates our commitment to remaining a dynamic and approachable provider of mortgage products for first time buyers."
