In our latest Family Assist case study we helped a young family escape the rental treadmill with support from parents:

  • Couple with child, renting at £645 per month
  • Property purchase: 3 bed terrace at £160k
  • Parents provide £32k equity from their property as security*
  • 2 historic defaults dating back to 2017
  • Mortgage term 40 years
*When property equity is chosen as security, family members must take independent legal advice before the borrower is committed to the purchase.
Using a parent’s house or savings as a deposit
The use of property equity as security is available on properties across England, Wales and Scotland. Using deposited cash savings as security is also available and only on properties in England and Wales.

With either the equity or savings schemes, we will hold the security for 7 years from the start of the mortgage with release subject to conditions within an agreement (e.g. all mortgage payments must be up to date with the purchased property).

For more information about our products and services, including our affordability calculator and applying through our online portal, visit our website at mansfieldbs.co.uk/intermediaries.

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