The recent removal of stamp duty up to £500,000 will no doubt be a boost to most aspirational first time buyers, but the biggest barrier to getting on the property ladder still remains raising the deposit. We have two products that can help you help your clients:

FAMILY MORTGAGE 
Our award winning Family Mortgage is designed to allow family members to provide security so they can help the borrower onto or up the property ladder. 
 
Your clients can:
• borrow up to 95% LTV on their first property.
• include family members' savings and/or property as security.
• include family members' savings as security in an offset account to reduce the amount of the mortgage on which interest is charged.
• have added peace of mind with six months unemployment cover at no extra cost (subject to conditions).

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JOINT MORTGAGE SOLE OCCUPANCY (JMSO) 
Often referred to as Joint Borrower Sole Proprietor, our JMSO product allows mum and dad to support their children with affordability when applying for a mortgage. Older children can support their parents in similar way too.
 
This arrangement:    
• allows up to two other immediate family members (mum, dad, son or daughter) to support the borrower(s) by using up to four incomes for affordability.
• can be used on any of our standard products except our Family Mortgage.
• allows 75% maximum LTV for Owner Occupiers. 

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THE BANK OF MUM AND DAD - HELPING YOUR CLIENTS KNOW THE RULES
 
First time buyers often need help from parents or other family members to raise a deposit for a property purchase. The Bank of Mum and Dad is now one of the UK's biggest mortgage lenders but how does it really work? We have produced a range of guides to help families through every stage of the lending journey.

Read our guides


For more information on our mortgage range please visit our website or contact your local Business Development Manager. If you don’t have a BDM in your area, you can contact our dedicated Mortgage Desk.