Tipton enhances 100% Family Assist mortgage product
Tipton & Coseley Building Society has improved its 100% Family Assist mortgage designed to help borrowers purchase a property without putting down a deposit.
The lender has reduced the collateral charge and provided an alternative option of depositing cash into a savings account.
Its Family Assist collateral charge has been reduced from 35% to 20% on a family member's property. The property owner will be required to take independent legal advice and have at least 40% equity to qualify.
As an alternative to the collateral charge, the parent or family member can deposit 20% of the loan value in cash into a Tipton deposit savings account.
The deposit will accrue interest, and the parent or family member will be able to claim back the deposit once the balance reduced to 80% LTV – subject to terms and conditions.
Aaron Strutt, product director at Trinity Financial, says: "More of the lenders are offering mortgages where applications do not need to put in a deposit, but they use their parents' savings or property as security for their application."
Call Trinity Financial on 020 7016 0790 to secure a family assist mortgage
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