07 February 2025
The Society offers a type of mortgage which allows up to 4 borrowers on the mortgage, with up to 2 borrowers also being the registered owner(s). This allows a son or daughter (along with their partner) to purchase a property, with them only being the registered owners but their parents helping them with the affordability by joining them as borrowers.
This type of mortgage is useful for family members wishing to help with the home buying process without potentially owning a second property.
The criteria for this type of mortgage is as follows:
- Maximum LTV is 85% (apartments 80% LTV).
- Available for first or second-time buyers.
- number of applicants is four.
- Maximum of two households only for example, a couple supported by one parent or one set of parents.
- Supporting family member won’t be the mortgagor(s) and are the non-owning borrowers, bound legally for repayment of the mortgage.
- Main borrower(s) must reside in the property.
The term does not necessarily need to be hindered by the ages of the non-owning borrower(s) if for example, the owning borrowers’ circumstances may be expected to improve in the future.
This type of mortgage application must be submitted using a paper application.