THIS MORTGAGE GIVES THE ABILITY FOR PARENTS OR GRANDPARENTS TO HELP FAMILY MEMBERS BUY A HOUS E WITH JUST A 5% PERSONAL DEPOSIT.
Woolwich are launching a new mortgage product where the purchaser is required to fund only a 5% deposit. To lessen the risk to the Woolwich they require a further 10% to be deposited into a Woolwich savings account by parents or grandparents.
The major benefits to this mortgage product are :
1) Competitive mortgage rate
2) Only a 5% deposit is required by the first Time Buyer.
3) The Helper’s deposit of 10% is held in a non- accessible, interest paying savings account for 3 years and then returned to them.
There are a few other lenders offering a similar scheme. Principality, Aldermore and C&G.
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