Financial boost for first time buyers

16-Jun-2005

A special deal has been created for first time buyers, allowing their parents to help them with purchasing their first home.

Click here to learn more about joint ownership, buying with friends or family

The deal was created as a result of a recent Money Programme survey showing that one in seven parents with children have remortgaged or taken out a loan to help their child get on the first rung of the property ladder.

Created by Mortgages Direct and Bank of Ireland Mortgages (BIM), the 1st Start package allows parental income to be included in the income multiples for the child's mortgages, allowing the potential buyer to borrow up to four times their highest earning parent's salary.

Calculations are then made minus the parent's mortgage repayment if they have one, plus their own salary, whether they have a deposit or not and borrowers can also choose 100 per cent loan of property value.

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you.

Peter Gladdy, director of Mortgages Direct, says: "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."

Borrowers that use the package through Mortgages Direct will get an exclusive deal where they can opt for either £250 cash back, a free valuation or free administration fee.

See what's in our unique, comprehensive and detailed joint ownership guide.

To find out more about creative mortgages designed specifically for first time buyers click here

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