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Buy with help from family

Thinking of buying but require a little help?

There are a number of ways relatives can help another family member get onto the property ladder or move home such as Family Assist or Guarantor Mortgages. Even with interest rates remaining relatively low, it’s never been more difficult for first time buyers or home movers to purchase a home. However we offer a solution, and it comes in the shape of family.

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Family Assist Mortgage

Our Family Assist Mortgage offers borrowers a competitive rate on their mortgage with as little as a 5% deposit and in return the borrower’s relative opens a Progressive Family Assist Savings Account for an amount equating to 10% or 15% of the purchase price of the property for a period of 3 years.

The savings are used as security against the borrower’s mortgage. The savings account will earn interest (please refer to the Progressive Family Assist Savings Account for more detail) and has a term of 3 years from the start of the mortgage. (e.g. Where the mortgage starts on 1st January 2019 the savings term will end on 1st January 2022).  The savers are required to obtain independent legal advice.

The Family Assist Mortgage is available to first time buyers and home movers (not available for self-build or remortgage applications).

Guarantor Mortgages

If you cannot afford the home you would like to purchase on your own, you may wish to consider taking out a Guarantor Mortgage. Our Guarantor Mortgage is a way for family members to help you get on to the property ladder. When someone agrees to act as a mortgage guarantor for you, this means they sign a legal agreement confirming that they will cover your mortgage repayments if you fall behind. The guarantor will not own a share of the house, and they won’t be named on the deeds.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Find the right mortgage for you

Mortgage Summary

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Mortgage Summary

Your mortgage summary will appear here when you start using the calculator.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply, you can call us, email us, or pop into one of our 12 branches. We look forward to hearing from you.

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