(PRWeb UK) February 18, 2011
Following the recent First Time Buyer industry summit chaired by Housing Minister Grant Shapps, National Counties Building Society is delighted to offer support to first time buyers across England and Wales with its Family First Guarantor Mortgage. The product offers first time buyers a 95% mortgage by taking into account a family member’s existing housing equity.
Keith Barber, Associate Director Business Development at National Counties, said: “The recent summit has highlighted again the difficulties for first time buyers in today’s economy. Over the past few years, the size of the deposit required to purchase a home has gone up from 37% of the applicant’s salary to circa 94%. For many this represents a huge sum and, with the cost of living rising, it has become very difficult for first time buyers to save such a substantial amount.
“It is also much harder for them to get funding as gross lending has gone down by 63% in the last 3 years . Effectively, this means that more and more first time buyers are having to seek financial help from their parents.
“The Family First Guarantor Mortgage allows first time buyers to get on the property ladder with a deposit as small as 5%. It also allows their parents to help them achieve their dreams of owning a house and starting a family without having to provide direct financial support, which is ideal for both parties.”
The new 95% mortgage also offers a competitive rate of 4.99%, fixed to 30/11/2013, as well as £250 cashback on completion. The overall cost for comparison is 5.1% APR.
National Counties’ Family First Guarantor Mortgage is available now and applicants can request an Agreement in Principle via the building society’s website or by contacting the Customer Centre team on 01372 747771.
Terms and conditions available here
Note to Newsdesk
National Counties Building Society is committed to its independent development as a mutual organisation run for the benefit of its members. It is the UK's largest single office building society and from its Church Street, Epsom headquarters, the Society provides a first class professional service to over 59,000 customers throughout the UK. A branch is also available in Ashley Square, Epsom for locally based customers.
As a building society, National Counties is a mutual organisation, owned by its saving and borrowing members. It is independent and not a subsidiary of any larger group and the majority of its funding (approximately 75%) is raised by deposits from individuals.
1. Council of Mortgage Lenders. (2011). Problems for first-time buyers. Available: http://www.cml.org.uk/cml/publications/newsandviews/83/303. Last accessed 16th February 2011.
2. See above