"This innovative product addresses two of the most significant hurdles in home buying: deposit and affordability."
- Claire Askham, head of mortgage sales at Buckinghamshire BS
Buckinghamshire Building Society has launched a new mortgage solution for first-time buyers.
JBSP Deposit Lite combines the benefits of the lender's JBSP and Deposit Lite mortgage products. The Society recently rebranded its Family Assist product to Deposit Lite, which it says better reflects the benefits of the mortgage solution.
Deposit Lite allows applicants to borrow up to 100% of the purchase price utilising equity in a parent's or grandparent's property and is available on loan terms of up to 40 years.
The new JBSP Deposit Lite product offers low and no deposit options by leveraging the equity from a parent's property, and also allows up to two family members to join as joint borrowers, enhancing affordability.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, commented: “We’re always looking to innovate, particularly in the first-time buyer space where it’s so tricky for potential purchasers to get a foothold on that first rung of the property ladder.
“This innovative product addresses two of the most significant hurdles in home buying: deposit and affordability.
“Through our discussions with brokers, we regularly hear how parents are eager to support their children’s ambitions of property ownership, but don’t always have the funds to gift.
“Bringing two of our most popular products together to create JBSP Deposit Lite makes purchasing a first property accessible for more potential homeowners and opens up new opportunities for brokers across the market.”