Have you seen what the Family Building Society offer?
Family Mortgage
The Family Mortgage allows family members to use their savings and/or equity in their property as security for the borrower’s mortgage instead of gifting money.
The borrower has an option to either provide a deposit or not.
Family members can provide security in one of two ways (or a combination of both) provided the total security, plus any initial deposit, adds up to 20% of the value of the property the borrower is buying. They can do so by:
- Placing their savings into our Family Security savings account, which earns interest
- Providing a Collateral Charge over some of the equity in their own home
The security supports the mortgage until the end of its fixed rate and is then released (subject to conditions).
The maximum LTV is 100% for Owner Occupier up to the value of £750,000.
If you want to know more about the Family Bsoc products, then just ask our team at AMM.
Can we help?
Just ask our team what we can do to support you and your clients
To discuss a case call 0330 127 0000
or email newbusiness@allmoneymatters.co.uk
Refer your case to us call 0330 127 0001
or email info@allmoneymatters.co.uk