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MarketPlace loan lets FTBs include parents&#39 income

The MarketPlace at Bradford & Bingley has revamped its 1st Start mortgage for first-time buyers.

The product enables FTBs to include their parents&#39 income when calculating how much they can borrow. The deal is funded by Bank of Ireland and has a discount of 1.5 per cent until March 2006, giving a current rate of 4.29 per cent. There is no valuation fee and redemption penalties apply only in the discount period.

Mortgage development manager Elliot Nathan says: “With many parents having physically to find large amounts of cash to help their children with a deposit, this product offers an alternative solution. It allows parents, or indeed a relative, to use their income to help secure a larger loan, preventing them from having to find all that cash.

“In addition, the deal offers a rate that is very competitive in the present market and, with its attractive features, it makes it an ideal product for the first-time buyer.”

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UK housebuilders remain a value trap – despite post-Brexit falls

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