Family Assist Mortgages
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 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.
|Mortgage Product||Term||Initial Rate1||Overall Cost for Comparison2||Max LTV3||Early Repayment Charge||Product Fees|
Family Assist 5 Year Fixed Rate House Purchase Only - XFM001
|5 years||3.89%||5.3% APRC||100%||3%||£199 application fee, no completion fee|
Family Assist 3 Year Discounted Rate House Purchase Only - DFM001
|3 years||Currently 3.45%||5.4% APRC||100%||3%||£199 application fee, no completion fee|
A mortgage of £152,000.00 payable over 33 years initially on a variable rate, currently 3.45% for 3 years and then on our current standard variable rate of 5.75% for the remaining 30 years would require 35 monthly payments of £644.30 and 360 monthly payments of £842.50 plus one initial interest payment of £445.38.
The total amount payable would be £327,213.88 made up of the loan amount, plus interest and fee(s) totalling £175,213.88. This includes Application Fee (£199), Valuation Fee (£194), Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.4% APRC representative.
1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR).
Our SVR is set by us and is currently 5.75%, as a variable rate it may go up or down.
2 The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.
3 Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.
Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.