The JBSP Deposit Lite product allows first-time buyers to get a mortgage with either a small or no deposit with family support.
Borrowers can access up to 100 per cent of a property’s value by using up to 60 per cent of the value of their parents’ home as security. Up to two parents can also be added to the mortgage to support affordability, but will not be named as co-owners of the property.
The product is fixed for five years and has a rate of 6.59 per cent. It has a £999 product fee and is subject to early repayment charges.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We’re always looking to innovate, particularly in the first-time buyer space where it’s so tricky for potential purchasers to get a foothold on that first rung of the property ladder.
“This innovative product addresses two of the most significant hurdles in home buying: deposit and affordability.”
She added: “Through our discussions with brokers, we regularly hear how parents are eager to support their children’s ambitions of property ownership, but don’t always have the funds to gift.
“Bringing two of our most popular products together to create JBSP Deposit Lite makes purchasing a first property accessible for more potential homeowners and opens up new opportunities for brokers across the market.”
Newcastle BS cuts self-employed rates
Newcastle Building Society has reduced rates across self-employed mortgage products by up to 0.15 per cent.
There is a two-year fix up to 80 per cent loan to value (LTV) has a rate of 5.15 per cent with a £999 fee, and a fee-free option with a rate of 5.35 per cent.
Early repayment charges apply.
The mutual requires at least one year of accounts for self-employed borrowers and is available for house purchase or remortgage with loans of up to £1m.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We want to provide brokers’ newly self-employed clients with as wide a range of competitive options as possible in order to secure a mortgage.
“That’s why alongside our team of experienced underwriters who individually assess each case, we’re reducing rates across our products that are specifically designed for those borrowers who may only have one year’s accounts.”
