Help them stand on their own two feet...
It can also be used to help people respond to changing circumstances. For example, after a divorce it can be hard for people to stay in their current home, or if their family grows they might need a bigger property. Without a large cash investment or high enough income it can be hard for people to afford the property they need.
To see our broker toolkit please click here|.
- Joint mortgage between a buyer and a close relative. Both parties are jointly liable for the
mortgage repayments and total loan. We strongly recommend independent legal advice is taken
on this product - Alternative to liquidising investments or extending close relatives own mortgage to fund cash
deposits - Open to all occupations
- Flexibility of property ownership (joint or sole title)
| 1st Start example 4x joint income | |
|
Parents income Less annual mortgage repayment
|
£40,000 £1,680 |
| Balance | £38,320 |
| Plus buyer's income
Joint income x4 | £20,380
£58,700 |
| Maximum advance: | £234,800 |
| 1st Start example 4.5x +1
| |
|
Parents income Less annual mortgage repayment
|
£40,000 £1,680 |
| Balance | £38,320 |
| 4.5 x £38,320
Plus buyer's income | £172,440
£20,380 |
| Maximum advance: | £192,820 |
*Notional rate of 1.5% above Bank of England Base Rate (currently 2.00% as of 04/12/08). Calculated on an interest only basis regardless of the term.
Why 1st Start mortgages are different from Guarantor mortgages:
1st Start:flexible approach to parents income and own mortgage commitment, comprehensive and competitive product range, substantially increases buyers purchasing power, open to all
occupations.
Guarantor Mortgages:deduct the total outstanding mortgage debt from a multiple of the parents income, limited product range, with generally higher interest rates, only subtly
increases buyers purchasing power, often limited to graduates or clearly defined professions.
NOT FOR PUBLIC USE. FOR INTERMEDIARY USE ONLY
* To ensure you receive the first class service we aim to provide, calls may be monitored and recorded. Bank of Ireland Mortgages is the trading name of The Governor and Company of the Bank of Ireland which is authorised by the Irish Financial Regulator and authorised subject to limited regulation by the Financial Services Authority. Details about the extent of our authorisation and regulation by the Financial Services Authority are available from us on request. Registered in England and Wales with branch number BR000459. The Governor and Company of the Bank of Ireland, incorporated in the Republic of Ireland with limited liability. Bank of Ireland Mortgages, Plaza West, Bridge Street, Reading, RG1 2LZ. Tel: 0118 939 3393. Fax: 0118 958 7040. Website address: www.bim- online.com. Email: bdu@boi-mortgages.co.uk. VAT No. GB168 1961 35. Compliance approval 3067080725a.
Broker Hotline: 0118 968 4333*, email: bdu@boi-mortgages.co.uk
Business Development Unit, Bank of Ireland Mortgages, Plaza West, Bridge Street, Reading. Berkshire. RG1 2LZ
contact us
broker hotline: 0118 968 4333*
email: bdu@boi-mortgages.co.uk|
Business Development Unit
Bank of Ireland Mortgages
Plaza West
Bridge Street
Reading
Berkshire
RG1 2LZ