Family Assisted
When your client is purchasing their first property, we understand that both they and you will want the process to be as easy as it can.
Whether your client's a first or last time buyer, our 100% LTV Family Mortgage and Joint Borrower Sole Proprietor products make it easier for their family to help them onto, or up, the property ladder.
Family Mortgage
Our Family Mortgage allows family members to use their savings and/or equity in their property as security for the borrower's mortgage instead of gifting money.
The borrower has an option to either provide a deposit or not.
Family members can provide security in one of two ways (or a combination of both) provided the total security, plus any initial deposit, adds up to 20% of the value of the property the borrower is buying. They can do so by:
- Placing their savings into our Family Security savings account, which earns interest
- Providing a Collateral Charge over some of the equity in their own home.
The security supports the mortgage until the end of its fixed rate and is then released (subject to conditions).
The maximum LTV is 100% for Owner Occupier up to the value of £750,000.
We appreciate some FTB clients may not require additional family support for their mortgage, and for those we offer a variety of fixed and variable rate mortgages with a maximum 80% LTV. For more information please see our Owner Occupier mortgages.
Joint Borrower Sole Proprietor (JBSP) Mortgages
Our JBSP products are designed to enable family members to help support each other with affordability when applying for a mortgage.
- Enables one or two borrowers (who will own and occupy the property) and up to two other family members to support the borrower(s) by using up to four incomes for affordability.
- Suitable for family members helping both younger borrowers achieve their home owning aspirations, and also suitable for family members helping older borrowers.
- Borrowers may be able to borrow up to 90% of the property's value through the mortgage, depending on the LTV of their mortgage
- Supporting family members will be listed on the mortgage but will not own the property. They will not be liable for stamp duty on a second home.
We calculate affordability is based on an income multiple of x4.5 for all applicants.
The maximum LTV is 90% for Owner Occupier and 75% for Buy to Let.
Maximum loan size if £1,000,000.
Check affordability and complete a DIP request
Affordability Calculator Owner Occupier DIP request
Ready to submit an application?
AN INTRODUCTION TO FAMILY ASSISTANCE
Criteria checker
Can we help your client? Use our tool to find out.
Simply type your criteria to see our levels of acceptance and flexibility.
Your Local BDM:
Sam Byrne
Your Local BDM:
Sam Morrison
Your Local BDM:
Neil Cadwallader
Your Local BDM:
Stuart Heavens
Your Local BDM:
Arif Kara
Your Local BDM:
Nathan Waller
Your Local BDM:
Gina England
Your Local BDM:
Paul Roberts
A new BDM will be covering your area soon. In the meantime, our experienced business support team are on hand to support you with any applications, case updates or any queries you may have.
- 03300 243407
- 01372 745607
- BDR@familybsoc.co.uk
Opening hours: Monday - Friday: 9am - 5.30pm. Saturday: Closed
We may record any telephone calls we have with you in the interest of staff training, monitoring customer service or for security purposes.