We’re aware that although this isn’t an overly common mortgage request, some of our clients need a solution to this particular situation.
We understand that families come in all shapes & sizes, with many different financial circumstances and needs so we decided to talk to our many contacts at many different lending organisations to see if we could come up with a solution.
We’re delighted to say
We now have an arrangement with a major building society where we can assist applicants to purchase a property on an interest only basis with the intention of allowing the family member to occupy.
Affordability is assessed overall on the applicant’s income and up to 50% of the potential rental income.
Homes for parents and children
At the same time the scheme can be worked in reverse where for example mum and dad could sell their own property, give 25% to the children – who in turn would purchase a buy to let property on an interest only basis and allow the parents to reside in the property.
Again, in this scenario affordability is assessed on the borrowers income and up to 50% of the potential rental income.