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Exclusive: Loan.co.uk provides £25,000 ‘Mum’s Mortgage’
Together with the lender, Loan.co.uk reviewed the sustainability of payments and due to the strength of the customer, it was agreed that the term could be extended well into retirement.
The product attracted no early repayment charges and gave the customers the ability to overpay when possible, meaning that the family could avoid paying too much in interest.
The deal comes amid an uplift in parents taking out second mortgages to help their children secure their first properties, which Loan.co.uk has termed ‘mums’ mortgages’.
Government figures suggest first-time buyers require an average of £23,000 to get on to the property ladder.
Paul McGerrigan, CEO of Loan.co.uk (pictured above), said: “There can be several reasons that a second charge mortgage might be the preferred option to raise a significant sum to help out the family.
“For example, you may not want to extend the term on your current mortgage, lose a good rate or you might just want more flexibility on the borrowing.
“For those thinking of raising money by releasing equity in their properties it’s important to explore both second charge and remortgages – and as part of new regulations advising your customers of both options.”
The news follows a period of expansion for Loan.co.uk, during which the master broker announced the launch of a new branch in Wales and its expansion into Northern Ireland.
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