Previously called Family Assist, Deposit Lite provides borrowers access to up to 100% of the purchase price
Buckinghamshire Building Society has renamed its Family Assist product for first-time buyers to Deposit Lite, aiming to better communicate the advantages of the mortgage offering.
With Deposit Lite, borrowers can access up to 100% of the property’s purchase price by using the equity in a parent’s or grandparent’s property. This option comes with loan terms extending up to 40 years.
“Deposit Lite is specifically designed to ease the journey onto the property ladder for first-time buyers who need a helping hand,” said Claire Askham (pictured), head of mortgage sales at the Buckinghamshire Building Society. “By securing a collateral charge on a family member's property, we're opening doors to homeownership that might otherwise remain closed.
“We recognise that the traditional routes to buying a home are not always viable for everyone. Therefore, we are continuously seeking to adapt and offer solutions that resonate with and support the aspirations of a diverse range of homebuyers.
“This product reinforces our dedication to providing flexible and thoughtful mortgage solutions that keep pace with the changing dynamics of society and the economy.”
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