Mortgage Industry News

← Back

Mortgage for daughter

Date: Mon, 03 Oct 2005

If your daughter or son is having a problem getting on the property ladder as they are unable to fully afford the mortgage for properties within his area a new type of mortgage product may be able to help.

These mortgages are specifically designed to help parents improve the level of money that their children can borrow, allowing the parent to put their salaries towards a percentage of the overall mortgage. A number of different lenders are able to provide such mortgage products within the marketplace.

Each lender will have differing specific criteria that will need to be fulfilled and it is likely that the child will need to be able to cover anywhere from around 75% and 90% of the properties value given their own incomes the extra required being borrowed against the parent’s income.

Mortgages for daughters or sons literally mean that the parent is partly responsible for the mortgage but will not need to part with any cash and if their offspring defaults on their repayments the parent’s will become liable to pay.

If, after a period of time the child’s circumstances change and they are able to take on the full mortgage amount they will usually able to do so without penalty.

Mortgages for your daughter from Endsleigh Financial

If you are currently interested in the benefits of helping to arrange a mortgage for your daughter or simply want to discuss your situation further please click here and fill in our short mortgage quote form.

© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.