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100% loan to value Family Assist mortgage

Discounted for term

This product may be withdrawn at any time.

 
arrangement fee
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
no fee
booking fee
This fee must be paid when you apply for your mortgage.
no fee
initial rate
1.75% discount from our Standard Variable Rate for the term of the mortgage.
3.49%
the overall cost for comparison is 3.6% APRC
 

Product key features

Family Assist Mortgages

At the Tipton, we know how hard it can be to get a foothold on the housing ladder, due to ever-increasing property prices and the need for large deposits.

In response to these challenges, we introduced our Family Assist mortgage which lends at 100% LTV.

Parents or relatives can secure the property by either taking out a 20% collateral charge on their own property or by depositing 20% of the loan amount as a cash sum into our Family Assist savings account.

Collateral Charge Option

A collateral charge provides a sensible alternative for parents and family members who want to help relatives onto the property ladder, but who are not in a position to gift a cash sum.

To secure the 100% LTV mortgage, we would use 20% of the value of the loan as a collateral charge on the family member’s property, so long as the property had 40% equity at the point of application. Exercising the collateral charge would be a last resort, enforced only when all other options for maintaining repayments had been explored.

A standard valuation will be completed on both the purchase property and your family member’s property, this will be at your expense. You will also need to pay for your own legal costs and your family member’s independent legal advice.

We will need your family member’s written consent for us to carry out a credit check against them. No income assessments or further underwriting are completed against the family member. The amount you can borrow is determined by your income and status only.

Savings Deposit Option

After listening to feedback from borrowers and their families, we now offer a 20% savings deposit option for parents or family members looking to help relatives onto the property ladder.

The savings deposit option is designed for family members who want to earn interest on their deposit, rather than gifting it to the relative. On depositing 20% of the full loan amount into our Family Assist savings account, the sum would accrue interest and could be withdrawn once the secured property reached 80% LTV.

Mortgage amounts

There is a minimum mortgage amount of £75,000 which increases to £250,000 for properties located within the M25 corridor.

The maximum amount you can borrow is £250,000, increasing to £400,000 for properties within the M25.

The maximum loan to value is 100%.

Interest rate floor

The interest rate on this product cannot fall below 3.24%

Mortgage repayment terms

The minimum repayment term is 5 years and the maximum repayment term is 35 years.

Early Repayment Charges

No Early Repayment Charges apply to this product.

Mortgage tariff of charges

The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage.

Representative example

A mortgage of £195,000 payable over 30 years on a discounted variable rate for the term of the mortgage, currently 3.49% (equal to a 1.75% discount from our SVR, currently 5.24%) would require an initial payment of £893.25 and 359 monthly payments of £874.55.

The total amount payable would be £315,731.70 made up of the mortgage amount plus interest (£119,856.70) with a mortgage valuation fee of £250 on the purchase property, a mortgage valuation fee of £175 on the family members’ property, legal fees of £300, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 3.6% APRC representative.

Gail, from our mortgage team is here to help 0121 557 2551* Contact Us
Our lines are open:
Monday - Tuesday09:00 - 17:00
Wednesday09:30 - 17:00
Thursday - Friday09:00 - 17:00
Saturday09:00 - 12:00
SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

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What our mortgage customers say...

"I sat down with a Mortgage Adviser who listened to my needs and recommended a suitable product for me, they were very friendly and had a personal approach which gave me peace of mind." Mrs Main
Mortgage customer

What our mortgage customers say...

"At the Tipton I like that you are spoken to in plain English, there isn't loads of mortgage jargon, making it easy to understand." Miss Savell-Boss
Mortgage customer read more

Your home may be repossessed if you do not keep up repayments on your mortgage.