IN TODAY’S housing market, saving enough money for a deposit on a home is one of the most difficult challenges facing first-time buyers and second-time home movers.
To help, Connells estate agent in Rugby has announced a new mortgage product allowing purchasers to borrow 100 per cent of the value of their chosen property.
This launch of a new per cent Family Guarantee mortgage allows first and second-time buyers to buy a home, subject to a guarantee from an immediate family member in the form of a secured collateral charge on their property.
The guarantee covers up to 25 per cent of the mortgage amount, enabling the buyer to purchase a home without the need for a large deposit.
“This is one of the first 100 per cent mortgage products since the credit crunch and it couldn’t come a better time,” said Peter Edwards, mortgage services consultant for Connells in Rugby.
“Saving for a deposit and getting a mortgage have been the most significant stumbling blocks for first-time buyers over the last few years.”