How the Family Building Society and Bristol Mortgages Online Can Help You Own Your Home Sooner

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Getting onto the property ladder—or even moving up it—can feel like an uphill battle in today’s market. Between rising property prices and strict lending criteria, many buyers find themselves just short of the finish line.

At Bristol Mortgages Online, we pride ourselves on finding innovative solutions for our clients. That’s why we’re highlighting a fantastic range of products from the Family Building Society: their Family Assisted Mortgages.

What are Family Assisted Mortgages?

The Family Building Society understands that "modern families" come in all shapes and sizes, and so does their financial support. These products are specifically designed to allow family members (parents, grandparents, or even siblings) to help a buyer without necessarily having to provide a massive "gifted deposit" that they might never see again.

There are two primary ways the Family Building Society facilitates this support:

1. The Family Mortgage (100% LTV)

If you have the income to support mortgage payments but lack the deposit, this could be a game-changer. It allows for up to 100% Loan-to-Value (LTV), meaning you might not need a deposit at all.

Instead of a cash deposit from the buyer, family members provide security in one of two ways:

•           Security Through Savings: A family member places funds (typically 20% of the property value) into a "Family Security Account." They earn interest on this money while it acts as a guarantee for your mortgage.

•           Security Through Equity: If a family member has significant equity in their own home, the Society can take a "charge" over a portion of that property instead of requiring cash up front.

2. Joint Borrower Sole Proprietor (JBSP)

This is an ideal solution for those whose current income isn't quite high enough to satisfy affordability checks.

•           How it works: A family member’s income is added to the application to boost the total borrowing power.Up to 90% LTV.

•           The Benefit: While the family member is legally responsible for the mortgage, they are not named on the title deeds. This means the buyer owns the home outright, and more importantly, it avoids the extra Stamp Duty charges that usually apply when buying a second property.

Please note: Applicants will be required to meet the lending criteria and will be subject to credit and affordability checks

Why Use a Broker Like Bristol Mortgages Online?

The Family Building Society is a specialist lender, and their products require a nuanced understanding of "intergenerational lending." Here is how we at Bristol Mortgages Online make the process seamless:

•           Tailored Advice: These products aren't "one size fits all." We analyse your family’s specific financial position to see which security method (savings vs. equity) or JBSP arrangement works best for everyone involved.

•           Expert Navigation: We handle the legwork, from the initial affordability assessment to liaising with the Society’s underwriters, who look at each case individually rather than relying on a rigid computer algorithm.

•           Stress-Free Coordination: Buying a home with family support involves more moving parts. We coordinate between you, your family members, and the solicitors to ensure everyone understands their responsibilities.

Ready to Start Your Journey?

Whether you are a first-time buyer in Bristol looking to stop renting, or a parent wanting to help your child secure their future, the Family Assisted Mortgage range offers a flexible, modern path to homeownership.

Let’s see how we can bring your family’s home-owning dreams to life.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE