First time buyers offered a unique mortgage deal
First time buyers are being offered a unique mortgage deal from First Mortgage. The deal comes in the form of a "Family Equity Loan Plan".
The loan works on the basis of a family member supporting your loan application and becoming an "equity loan" stakeholder in the home you are looking to purchase.
So in real terms what does this mean?... It simply means that a family member (often a parent) will take a stake in the property (usually around 10%) and secure it against the home.
You will still own 100% of the property, but you cannot sell it without the family member's loan having been cleared first or if you are extremely lucky your family member may even decide to gift the equity loan to you.
For further details regarding this mortgage deal please visit: www.firstmortgage.co.uk/family-equity-loan-plan