Helpful Start from Woolwich is designed to help more buyers get onto the property ladder. The first part of the initiative is the Family Affordability Plan, which enables parents to help their children get on or to move up the property ladder through a joint mortgage without giving a lump sum away. It allows parents to help their children over the long term with mortgage affordability and commitments through a joint mortgage. Income from parents can be used, alongside the child’s own income, to calculate how much they can afford to borrow.
If eligible, they can use the total income on the mortgage application. If the mortgage is approved, all parties will be liable for the monthly payments. The parent(s) will appear on the mortgage but they won’t be co-owners of the property. Please note that mortgage borrowers are jointly and severally liable for all mortgage repayments and other outstanding sums due under the mortgage. You should not enter into such a plan without fully understanding the risks involved and, as such,
Woolwich require that each “borrower non-proprietor” take independent legal and tax advice prior to committing (fees will apply). There are a wide range of first time buyer products available on our whole of market mortgage panel at present, therefore please contact one of our advisers on 0845 658 6060 / 01483 233014 for a free initial consultation.