Buckinghamshire Building Society has rebranded its Family Assist product for first-time buyers as Deposit Lite, which it says “better reflects the essence and benefits” of this loan.
The mutual says key features of Deposit Lite include:
- Aimed at FTBs with little or no deposit
- Borrow up to 100% of the purchase price using equity in a parent’s or grandparent’s property
- Loan terms of up to 40 years
Buckinghamshire Building Society head of mortgage sales Claire Askham says: “Deposit Lite is specifically designed to ease the journey onto the property ladder for FTBs who need a helping hand.
“By securing a collateral charge on a family member’s property, we’re opening doors to homeownership that might otherwise remain closed.
“We recognise that the traditional routes to buying a home are not always viable for everyone.
“Therefore, we are continuously seeking to adapt and offer solutions that resonate with and support the aspirations of a diverse range of homebuyers.”
