Bank of Mum and Dad

Bank of Mum and Dad

27/11/2018

Cameron’s house buyers now have access to a mortgage package for people who can only afford a new property with family help.

Joint borrower/sole proprietor mortgages allow family members to contribute to a mortgage to assist with affordability, but they do not have to be named on the title deeds.

This ultimately means that parents’ or family members’ higher salaries can be used to support lower incomes, without co-owning the property.

“This is an excellent product for people who are in the position where they cannot afford a mortgage on their own, but a family member may be able to help,” explained Maxine Moore, sales and marketing director of Cameron Homes.

“It is ideal if you have seen your dream property but can only purchase it with the help of ‘the bank of mum and dad’.

“This means that the family member - if they own another property - will not incur second property stamp duty, which could be a massive saving.

“Of course the lender will still underwrite all applicants and they must meet the lender’s criteria,” she said.

These mortgage products are only available through selected lenders and Cameron has joined forces with Central Financial Services, new build mortgage specialists, who will advise on the right mortgage product for purchasers.