First time buyer & family assisted mortgages

A family assisted mortgage allows a borrower to use security or income provided by their family to help them to buy a home.

Family Mortgage

Our 100% LTV Family Mortgage lets family members use their savings and/or the equity in their own property as security for the borrower’s mortgage, rather than gifting money.

With this option, the borrower doesn’t need to provide a deposit. Instead, family members offer security of up to 20% of the borrower’s property value.

Joint Borrower Sole Proprietor (JBSP)

We offer mortgages where families can assist financially such as our Joint Borrower Sole Proprietor (JBSP) arrangement, available up to 90% LTV. Our JBSP arrangement allows borrowers to combine other family income alongside their own to maximise their mortgage whilst keeping sole ownership of the property. Should the occupying owner be unable to make their mortgage payments, the non-occupying borrowers are liable for the repayments. If they can't afford to pay the full amount, then the property is at risk of being repossessed.

• Our Family Mortgage is ideal for first time buyers, however, it can also be used if you already own a home and need some help to move to a bigger or different property. The home you have with the Family Mortgage needs to be your only residence. You don't need a borrower's deposit. Family members will need to provide security of 20% to bring the Loan to Value (LTV) down to 80%.
• Our Joint Borrower Sole Proprietor (JBSP) arrangements for first time buyers or those needing help to move to a bigger home, are suitable for those who do not currently have sufficient income to meet affordability on their own but are in employment where they expect their income to grow sufficiently to afford the mortgage in their own right within the next 5 years. However, a JBSP can also be used by older members of the family, assisted on the mortgage by adult children, to help them stay in their home or to carry out renovations.

Family members assisting the mortgage can be parents, grandparents, siblings or aunt/uncles helping adult children, or adult children helping their parents.

We review all JBSP enquiries before you submit an application, so we’ll ensure you’re eligible before you have to worry about going through the application process. Plus our normal lending criteria will also apply.

• For a Joint Borrower Sole Proprietor arrangement, your income can be combined with your child’s to help with affordability on their application.
• With the Family Mortgage you can assist your child’s mortgage by providing security which can be done in two ways; savings or value in a family property, or a combination of both.

You can apply to us directly by speaking with one of our dedicated Mortgage Advisers, or you can apply through an alternative mortgage adviser, if you already have one.

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