The product allows first-time buyers to include their parent’s income when calculating how much they can borrow. The deal, funded by BoI, is a two-year discount with a current pay rate of 4.29 per cent.
The key features include a 1.50 per cent discount to 1 March 2006, which is available to 95 per cent LTV. The loan is MIG free, offers a free valuation fee and penalties only apply during the 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.
He added: “New borrowers need only find a 5 per cent 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.”
