Building society launches family mortgage options
Teachers Building Society has launched new family mortgage options designed to help families support their relatives onto the property ladder.
It says that the options allow family members to gift a deposit to loved ones who are struggling to save a deposit for a property and can be used on mortgages up to 95% LTV.
Family members are also able to remortgage their property to use as the gifted deposit and existing customers can obtain a further advance on their mortgage to use. The options provide flexibility and familial support for those looking to own their own home.
Customers choosing the family mortgage route have access to a wide range of mortgage products from Teachers Building Society and anyone involved in the process can be a teacher or education professional, either the borrower purchasing the property, or the family member.
‘At Teachers we are passionate about supporting teachers in their dream of owning their own home. With increasing house prices it can be difficult for people to raise funds for a deposit and these options mean that family members can help out,’ said Simon Beresford, chief executive of the Teacher Building Society.
‘In order to fully support teachers and education professionals throughout their career, anyone involved in the process can be a teacher, so we can help teachers supporting their children or teachers in need of support and the relatives who can help include not only parents, but grandparents, siblings, aunts, uncles and more,’ he added.
Teachers Building Society can lend to teachers and education professionals which includes NQTS, teachers, lecturers and teaching assistants.