There is a new first copper solution on the block-the mortgage of Natwest, which was supported by family, has been launched today and enables customers to buy a house with supporting a loved one.
According to the offer, eligible customers can request a joint mortgage with a family member or friend, while they still buy the property in their own name.
The product falls under the category of joint borrowers Single owner (JBSP), which is a way Helping first buyers on the real estate ladder Use of family support, but without the assisting party having to go on the actions.
The mortgage held by Natwest is intended to increase the amount that a customer can borrow by combining their income and combining the income of a family member or friend.
As an example, a first buyer who earns a salary of £ 28,000 can borrow with a down payment from 10% to £ 124.450 through the standard mortgage products from Natwest. This example the first buyer would have a budget ceiling of approximately £ 138,000 if they want to buy their first home.
However, if they were to use the mortgage -held mortgage, however, they can add a family member or friend to the mortgage. For example, if the family member or friend earned £ 45,000, this scheme would immediately increase the maximum loan potential of the buyer to £ 246,000, giving them a real estate budget of around £ 273,000.
The family member or friend who is added to the mortgage supported by the family is required to obtain independent legal advice before he enters into the agreement.
Natwest said, to ensure that customers had the confidence that they could pay their mortgage in the long term, it changed the stress rates. This means that a typical family would be able to borrow up to £ 33,000 more, while he still applies stress rates in the long term to watch against future interest rate increases.
Barry Connolly, Managing Director of Homebuying at Natwest, said: “We are committed to offer more paths to home ownership and help First buyers To achieve their goals.
‘Today’s launch of the Mortgage supported by family Increases the loan power of potential homeowners by enabling them to combine incomes with a family member or friend, while retaining independence to possess a house in their own name.
“Moreover, we also announce that we have revised our affordability rates for mortgage customers, which increases the loan potential of hundreds of thousands of potential homeowners, while they continue to ensure that they can pay their long -term mortgage.
“We believe that this twin announcement can help the hope of helping our customers that their dreams can be realized.”