Family Mortgage Options launched by Teachers Building Society
Teachers Building Society has revealed a range of new Family Mortgage Options, designed to help families support their relatives onto the property ladder.
One option allows family members to gift a deposit to loved ones who are struggling to save a deposit for a property, and can be used on mortgages up to 95% of the property’s value.
Another enables parents or other family members to remortgage their own property to use as the gifted deposit.
Finally, existing customers can apply for a further advance on their mortgage to use as support for a child or loved one.
The Family Mortgage Options have been designed to provide flexibility and familial support for those looking to own their own home who need an extra bit of help.
Customers choosing the family route can access a wide range of mortgage deals from Teachers Building Society, and anyone involved in the process can be a teacher or education professional – either the borrower purchasing the property, or the family member.
Simon Beresford, chief executive of the mutual, explained, “At Teachers we are passionate about supporting teachers in their dream of owning their own home. With increasing house prices it can be difficult for people to raise funds for a deposit and these options mean that family members can help out.
“In order to fully support teachers and education professionals throughout their career, anyone involved in the process can be a teacher – so we can help teachers supporting their children or teachers in need of support – and the relatives who can help include not only parents, but grandparents, siblings, aunts, uncles and more.”