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IN today’s housing market, saving enough money for a deposit on a home is one of the most difficult challenges facing first-time buyers and second-time home movers.
To help these buyers, Connells estate agency in Oakley Vale, Corby, has announced a new mortgage product allowing purchasers to borrow 100 per cent of the value of their chosen property.
This exciting launch of a new 100 per cent Family Guarantee mortgage allows first-and second-time buyers to buy a home, subject to a guarantee from an immediate family member, in the form of a secured collateral charge on their property. The guarantee covers up to 25 per cent of the mortgage amount, enabling the buyer to purchase a home without the need for a large deposit.
“This is one of the first 100 per cent mortgage products since the credit crunch, and it couldn’t come at a better time,” says Paul Jones, mortgage services consultant for Connells in Oakley Vale.
“Saving for a deposit and getting a mortgage have been the most significant stumbling blocks for first-time buyers, so our new 100 per cent Family Guarantee product will help countless buyers get on the property ladder.”
As well as helping first-time buyers, Connells new 100 per cent mortgage could enable second-time home movers who may need to upsize, but lack the necessary capital to put a deposit on their next home.
“Dwindling house prices have caused some homeowners to become stuck without the means to make their next move,” Paul continues.
“This new 100 per cent mortgage will allow parents, step-parents and grandparents to help their children move home without the need to lend or gift them a large amount of money for a deposit. Instead, they can guarantee up to 25 per cent of the loan against their own property.”
If you are interested in Connells’ new 100 per cent mortgage product, and would like to book an appointment with our mortgage consultant, please call the branch on 01536 747320 or email email@example.com