100% loan to value Family Assist mortgage

This product may be withdrawn at any time.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.
£999
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.
2.99%
the overall cost for comparison is 3.1% APRC

Product key features

Family Assist Mortgages

Our 100% Family Assist mortgage is designed for borrowers whose family may be in a position to help financially.

You don't need to have a deposit, however additional security will be needed in the form of a collateral charge against a family members' property for which independent legal advice must be taken. This means your mortgage will be secured against both the purchase property and your family members' property. Proof of legal advice given to the family member will be required as a condition of the mortgage and any advice will be at your expense.

This charge will be 35% of the amount you are looking to borrow and because of this your family member must have at least 40% equity in their home.

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

We will need your family members' 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 assessing your income and status only.

Product related fees

Our Family Assist mortgage has an arrangement fee of £999. This fee can be paid up front by deducting the fee from the mortgage amount or it can be added to the amount you borrow.

Be aware that if you add the arrangement fee to your mortgage you will pay interest on the fee at the same rate as your mortgage.

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%.

Mortgage repayment terms

There is a minimum repayment term of 5 years and a maximum repayment term of 35 years.

Interest rate floor

The interest rate on this product cannot fall below 2.99%

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 £159,900 payable over 30 years on a discounted variable rate for the term of the mortgage, currently 2.99%, (equal to 1.75% discount from our SVR, currently 4.74%) would require an initial payment of £690.70 and 359 monthly payments of £677.49.

The total amount payable would be £244,809.61 made up of the loan amount plus interest (£84,009.61) with an arrangement fee of £999, a mortgage valuation fee of £250 on the purchase property, a mortgage valuation fee of £200 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 3.1% APRC representative.

Matt, from our mortgage team is here to help 0121 557 2551* or arrange a callback
Our branches 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. We will be closed on Monday 29 May 2017.

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"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
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What our mortgage customers say...

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