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Parents Income mortgages

Date: Mon, 10 Oct 2005

Parent income mortgages are now available in the marketplace from a number of different lenders. These mortgages are designed to help parents improve the level of money that their children can borrow by allowing them to put their salaries towards a percentage of the overall mortgage.

Their offspring, dependant on the lenders specific criteria will usually need to be able to borrow between 75% and 90% of the properties value on their own income levels the incremental being borrowed against the parent’s income.

Parent Income Mortgages do not mean that the parent physically has to part with any cash, it just means that they are partly responsible for the debt of the mortgage and that if the child ends up defaulting on the mortgage the parents will be required to pay.

At the point of the child being able to take on the full amount of the mortgages, given a change in personal circumstances, they are usually able to do so without penalty.

Parents Income Mortgages from Endsleigh Financial

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

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