Manor Mortgages offers 95% LTV deal with Bath
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Manor Mortgages is offering a 95% LTV Parent Assisted Mortgage with Bath Building Society.
The product uses equity in the client’s parent’s house to secure a higher LTV.
Parents can guarantee the mortgage and allow a charge over their own residence to support the loan required.
On loans greater than 80% of the value of the property, the society requires a collateral charge over the residential property of the parents.
This charge will normally be for no more than 20% of the purchase price.
Where the parents already have a mortgage over their property, the value of that mortgage plus its charge must be below 70% of the value of their property.
The Parent Assisted Mortgage is a three-year discount with a headline rate of 5.10%.
James Harries, sales and marketing director of Manor Mortgage says: “We had a great response when we launched the 90% LTV version of the PAMS a few months ago, and to be now offering the same product up to 95% is a significant step forward.
“Not every parent has got the liquid financial resources available to help their son or daughter on to the property ladder, but many have the equity in their homes – this is an ideal solution to a familiar industry problem and will go a long way to help stimulate the high loan to value purchase sector.”
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