The deal, funded by the Bank of Ireland, is a 2-year discount with a current pay rate of 4.29%.
Key Features include:
* 1.50% discount to 01/03/06 — current rate 4.29%
* Available to 95% LTV, completely MIG free
* Free valuation fee
* Redemption penalties only apply in discount period
Commenting on the new product, Elliot Nathan, mortgage development manager for The MarketPlace, said: "With many parents having to physically find large amounts of cash to help their children with a deposit, this product offers an alternative solution. It allows parents, or indeed a relative, to use their income to help secure a larger loan, preventing them from having to find all that cash.
"In addition, the deal offers a rate that is very competitive in the present market and, with its attractive features, it makes it an ideal product for the first time buyer whose parents are willing and able to help them on the first rung of the ladder. New borrowers need only find a 5% deposit for their prospective purchase and not be concerned about the prospect of heavy MIG charges levied against them. Also, with a refund of the valuation fee and no penalties after the discount period, this really is a great product for borrowers to begin their home-owning lives with."
