Woolwich mortgage affordability is boosted by parents.
A new Woolwich mortgage scheme has been created called Helpful Start, offering a family affordability plan to let parents help their children to achieve a competitive mortgage offer.
The Helpful Start family affordability plan has been designed to allow parents to help their children while not being required to appear on the property deeds.
On this point parents need to be aware that as they do not appear on the property deeds, they may not be entitled have any of the money they have put in returned upon sale of the property. Legal advice prior to signing any agreement would therefore be wise.
Both parent's and children's income will be used to calculate an affordable mortgage level and is available throughout the Woolwich mortgage range including NewBuy.
A spokesperson for the lender commented saying that costs associated with purchasing property for the first time or moving up the ladder can be a large barrier. However the long term benefits by far outweigh the initial expense.
Many parents have seen first hand the importance of purchasing a home and therefore they want to help their children achieve this important first step towards independence.
Had the scheme been launched a few years ago it probably would not have been viewed so favourably. However in today's economic climate it is essential to get behind any scheme which helps first timers to buy.
The new Woolwich mortgage scheme has been welcomed by parents who have said that it just what they need to help their children.
If you are looking for a competitive mortgage offer contact Deal Direct today.
