A new range of exclusive, competitive mortgage products from Bradford & Bingley is designed for parents to help their first-time buyer children get onto the property ladder.
The launch comes in the wake of the mortgage broker's annual First Time Buyer Report, which revealed that first-timers are increasingly relying on help from their parents to secure their first property.
One in six (16 per cent) of the first-time buyers questioned by Bradford & Bingley had borrowed or were given money by family for their deposit, whilst ten per cent are buying their property in conjunction with their family, and eight per cent will rely on their family entirely to meet extra costs like stamp duty and furniture.
With options such as guarantor mortgages, where parents guarantee their children's mortgage payments, and offset deals, where parents can set a savings account against their children's mortgage, Bradford & Bingley can help both first-time buyers and their parents get the best deal.
"The mortgage market has increasingly responded to the plight of first time buyers and designed specialist, flexible mortgages to help them onto the property ladder," said Duncan Pownall, mortgage development manager for Bradford & Bingley.
Two new deals exclusive to the mortgage broker, a two-year discounted 100 per cent mortgage and a five per cent cashback deal with low fees, have been specifically designed for first-time buyers and their parents. Click here to find out more about first-time buyer mortgages.
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