Bank of Mum and Dad

Here are several ways we may be able to help when using the Bank of Mum and Dad.

By gifted deposit

We allow family members gifted deposits.

Additional borrowing on the family home

Providing applicants own their own home, being retired or of older age does not mean they are not able to release equity from your property.             

Joint mortgage - Sole ownership

If your applicants, as parents, are employed or retired their income could be used towards obtaining a mortgage jointly with their child.  This could potentially increase children’s purchasing power and enable them to get onto the property ladder.  Parents would be jointly named on the mortgage, however the ownership of the property would remain in the name of the child, this would mean the parents would not be liable for second home stamp duty costs.

Help to Buy or Shared Ownership

We also offer both help to buy where the applicant needs a 5% deposit and shared ownership mortgages that require anything from a 5% of their share value.        

If you would like to discuss any of these options in more detail, please call or email your dedicated BDM or call the Intermediary Helpdesk.