In a recent article1 published by The Guardian, it was found that – ‘Nearly one in four home purchases this year will be backed by the “bank of mum and dad” – up from fewer than one in five in 2019 – as buyers struggle with the economic fallout from the Covid-19 crisis.’
Buckinghamshire Building Society can offer a Joint Borrower Sole Proprietor (JBSP) mortgage, a flexible product, which allows parents to support their children getting onto the property ladder.
A current JBSP case highlights our flexible approach. (All names have been changed)
Dan is an apprentice IT technician with the NHS. His mother, Jane, is a Finance Manager at the local county council. Jane and her husband wanted to help their son get on the property ladder. Dan has saved £10k towards his deposit and his parents gifted him the remaining amount that made the LTV 77%. In addition, because Dan is on a low starting income of £10k, which will rise to £25k after 1 year, Jane will be named on the mortgage to help with payments. Dan will move into his new flat, and as his income rises he will be in a position to take over the payments. We conducted budget planners using current income and future income and this coupled with both participants having excellent credit history has meant that we were able to lend them the required amount of £190,999.
For more details and information visit https://www.bucksbs.co.uk/intermediaries/all/ or call our
Key Account Managers: Claire Askham (North) 01494 418257 or Julie Hanif (South) 01494 418254.
Email: dip@bucksbs.co.uk
To register with us, and complete an online application visit www.bucksbs.co.uk
