How a Family Shared Mortgage works
A first-time buyer requiring a mortgage can get together with a family member (usually a parent) and buy a property using a joint mortgage. This allows income from both the first-time buyer and family member to be assesed when we decide how much you may be able to borrow.
The property would be in the name of both the first-time buyer and family member, even though the family member may not be living in the mortgaged property, with both liable for the mortgage repayments. Many families find this is an effective and convenient way to help younger family members into their own home. The Family Shared Mortgage is a facility that is available on a selected range of mortgage products - please contact our mortgage team for more details.
| YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE |
The Family Shared Mortgage also includes the following benefits:
- Personal service
Our Mortgage team can talk through all the options available to you based on your individual circumstances.
- Range of products available
These can include Fixed, Tracker and Discounted mortgages.
- Flexible features
These include payment holidays, borrow back, overpayments and underpayments. Conditions apply - ask us for further details.
If you have any questions or would like to talk through any of our mortgage products, please contact our Mortgage team on 01858 412610 - they will be happy to help.