The MarketPlace at Bradford & Bingley is launching a first time buyer mortgage that allows purchasers to include their parents' income when calculating how much they can borrow. Funded by Bank of Ireland the product carries a two year 1.5 per cent discount giving a current pay rate of 4.29 per cent.
The mortgage is available for loans up to 95 pr cent LTV, no valuation fee and no redemption penalties beyond the discount rate period. The product carries an arrangement fee of £299, booking fee of £49 and a credit broker fee of 0.4 per cent of the loan value with a minimum of £200.
The MarketPlace mortgage development manager Elliott Nathan says: “With many parents having to physically find large amounts of cash to help their children with a deposit this product can offer a solution by allowing them to use their income to help secure a larger loan, preventing them from having to find all of that cash.”