Principality offers new 95% mortgage through family savings

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Principality offers new 95% mortgage through family savings

Mortgage lender Principality has today (August 31st) launched a new product designed to assist first-time buyers in getting on to the property ladder.

The Assisted First Time Buyer product will allow the family member or child of a saver to gain a mortgage through the mutual taking legal charge of the savings, paying 3.75 per cent AER, fixed until August 31st 2015.

Christopher Johnson, mortgage manager at Principality Building Society, said that while many parents were willing to undertake acts of generosity for their children, "many [would] not recoup their money until the house is sold in the future".

"The advantage of allowing parents to use their savings as security for the mortgage is that they retain ownership of their money," he added, claiming that the child would get access to a mortgage rate usually reserved for those with a larger deposit while the parent would continue to earn interest.

Meanwhile, Yorkshire Building Society today extended the range of its bonds for savers with a new product offering interest rates of 3.5 per cent gross AER available from September 1st.

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