Mortgages Direct and Bank of Ireland Mortgages have announced the launch of an innovative mortgage scheme designed to help parents give their children a first step up the property ladder .
The mortgage scheme works on a new finance system with an inclusion of the income of the parents in the income multiples for the mortgage of the first time buyer .
Potential first time buyers would now be able to take out a mortgage calculated at four times the salary of the highest earning parent, minus the parent's mortgage repayment (if they have a mortgage) plus their own salary.
This formula is used regardless of whether the first time buyers are able to pay a deposit .
The scheme for first time buyers is called 1st Start, and is available via Mortgages Direct, the financial subsidiary of estate agents Spicerhaart.
First time buyers would benefit from this exclusive mortgage deal that offers a choice of free administration£250 cash back or a free valuation .
The mortgage for first time buyers is available at 100% loan to value .
Peter Gladdy, director of Mortgages Direct said that parents are increasingly funding large deposits for their children who are first time buyers.
He commented on the new product: "This is a great product, which provides a realistic alternative and we are delighted that we can offer the exclusive offer which will provide that extra support to help first time buyers onto the property ladder ."
Easier help for parents of first time buyers
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Easier help for parents of first time buyers
Wed, 15 Jun 2005
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