Help for first time buyers
Published ¤ 06/01/2012 16:25:35
Are you looking to buy your first home, but don't have much of a deposit? Don't worry, PKS can help!
PKS, in association with Newbury Building Society, are offering a "Family Assisted" mortgage for people with as little as 5% deposit, with rates below 4%.
If you are a first time buyer, and your family is willing help you to get on the housing ladder, then this mortgage product may well be the answer.
With most "guarantor" mortgages, the lender requires the parents to guarantee the mortgage, or take security over the parents home. This product is very different. If your family have savings equivalent to 25% of the purchase price of the new property, and they are willing to put this on deposit with Newbury Building Society, then you could be able to borrow up to 95% of the purchase price of the new property. And, with a rate of only 3.95%, this is a very attractive option.
Paul Skinner, from PKS, an expert mortgage adviser in Odiham, Hampshire, said "We are looking at ways to help first time buyers get on the property ladder. The government will be scrapping the stamp duty relief for first time buyers in March, so it is important to move quickly, as this could potentially save up to £2,500. This scheme from Newbury Building Society is just one of the many options we have available for those with small deposits."
If you would like details of this product, or if you need some advice, then call PKS on 0845 226 5009, or 03332 407040 from your mobile.
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