🏠 Dreaming of owning your first home but can’t scrape together the deposit? Metro Bank just launched something new that might be your golden ticket! Introducing their 100% mortgage with a twist – perfect for first-time buyers struggling to save up. But there’s a catch!
You’ll need a bit of family help. This innovative mortgage requires a close relative, like Mum, Dad, or even your gran, to step in as a joint borrower. They won’t own a piece of your future home but will help secure the loan by sharing responsibility for the mortgage.
Perfect for those who can’t count on a deposit but have family ready to lend a helping hand without diving into their own savings. 🌟
Metro Bank’s new option is also open to current homeowners who meet the eligibility criteria. Director Charles Morley says, “It’s about helping family help you – without compromising ownership.”
Think it sounds too good to be true? There are conditions! It’s not available for new-builds or properties above shops, and thorough affordability checks are required. It’s a five-year fixed-rate deal with terms up to 35 years, and there are no product or valuation fees.
While 100% mortgages are making a comeback after disappearing post-financial crisis, it’s essential to weigh the risks. If the main borrower encounters financial troubles, the family member on the loan is still on the hook. 🏡🔑
It’s an exciting chance for those whose homeownership dreams feel out of reach. Could this be the solution you’ve been waiting for?
Tag a family member who might be up for this kind of unique support! 💬👇 Let’s chat about it!