With high house prices making it increasingly difficult for first time buyers to find affordable properties, Coventry ‘Step-Up’ helps first time buyers move into the property they want and get it sooner than they would otherwise be able to. It’s also an alternative to parents parting with a lump sum as a deposit, allowing the child to ‘stand on their own two feet’ and is easy to transfer into the child’s sole name when everyone is ready. Customers can choose from a full range of mortgage products including fixed, discounted and capped rates.
“With the increase in house prices we’ve seen over the past couple of years”, said David Stewart, Operations Director for Coventry Building Society, “we at the Coventry want to help first time buyers take that first step onto the property ladder.
“Coventry ‘Step-Up’ gives first time buyers the opportunity to make their first house purchase by borrowing against the combined incomes of both parent and child.” he added.
Some customers may have concerns regarding tax and legal implications of taking this type of mortgage, the Society can arrange help from an independent panel of solicitors to provide on hand specialist advice.
Customers wishing to apply for Coventry ‘Step-Up’ should telephone the Customer Service Centre on
Mortgage Introducers should telephone the Coventry Intermediary Sales Team on 0845 776 7825.