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If you are still struggling to get onto the property ladder (who isn't?), Halifax has just launched a 100 per cent Family Boost Mortgage with no deposit required offer, provided someone can put down ten per cent of the property cost from their savings account on your behalf.
The catch is that one of you needs to be a Halifax member, but as long as you tick that box, you can bag yourself a mortgage without having a deposit, although at someone else's expense...initially at least.
Don't worry though, because after three years of mortgage repayments from you, they will be refunded their contribution as you would have paid off the 'loan'.
The lending party will also be rewarded for helping out and earn 2.5 per cent interest annually on their savings for the three years - a great way to sell it to them.
The good news too is that if you are a couple, only one of you needs to be a first time buyer.
Your mortgage will be fixed for three years at 2.9 per cent to make budgeting easier and is up to a value of £500,000, a sizeable amount.
The other great perk is no added fees are involved and your family member who stumped up the money will get £300 cashback.
Something to be aware of however, is you can have the loan for a maximum of 30 years, but if you move within that time you cannot take the mortgage with you - you will no longer be a first-time buyer after all.
Gary Hemming, Commercial Lending Director at ABC Finance said of the new offer: "The new 100% mortgage offer is undoubtedly great news for first time buyers who have been struggling to get on the ladder.
"With many first time buyers struggling to save a deposit while paying rent, this could create a simple path to home ownership without having to ask a relative for money that they may struggle to get back for some time. This creates a clear 3 year term.
"The difference between this and a help to buy loan is you have to pay back more if the property goes up in value, but with the Halifax 100% mortgage, you benefit from 100% of any house price increase. Just be aware as the savings are essentially held as security against the mortgage, they could of course be at risk should there be any issue with keeping up your repayments."
Read more about the Family Boost Mortgage here.
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