Want to buy a property, but don't have a deposit? Fear not, PKS can help!
Published ¤ 05/07/2012 14:04:47
PKS, in association with Aldermore Mortgages, are now able to help those wanting to purchase with little or no deposit.
Using Aldermore's Family Guarantee Mortgage, we can provide a mortgage for up to 100% of the purchase price of your new home, assuming you have a parent, step-parent or grand-parent willing to help.
How does it work?
The guarantor (the parent or grand-parent) must have sufficient equity in their property to offer as security. Meanwhile, the home-buyer needs to have sufficient income to afford the mortgage payments. Aldermore will then take a charge over the guarantor's property, and provide up to 100% mortgage for the new purchase.
David and Alison want to buy their first home, and they have found a suitable house for £250,000.
They both have good jobs and adequate income, however, they have very little savings - barely enough to pay any legal fees and moving costs.
Their parents do not have any savings they can lend or gift to them. However, Alison's parents own their own home, worth £350,000, with a mortgage of £85,000.
Alison's parents agree to give a guarantee of 25% of the purchase price (£62,500), by way of a security on thier house. They know that their liability will never exceed £62,500, and, after 10 years, will expire automatically.
David and Alison can now qualify for a 100% mortgage on their new home, and there is NO COST to Alison's parents!
Paul Skinner, managing director of PKS, one of Hampshire's top mortgage and insurance brokers, said "Aldermore are very proactive and innovative, and aim to help support those personal and business borrowers that have been let down the High Street banks.
"At a time when the banks are getting a slating, it is refreshing to work with a lender that seriously wants to help the public. This Family Guarantee Mortgage is just one of the ways in which they can do this.
"Aldermore have also done away with the controversial credit scoring methods used by many lenders, and use a 'real person' to assess every case."
If you are looking to buy a property, but don't have the deposit, come and talk to PKS. We are here to help! Call us on 0845 226 5009, now.
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