Connells launches 100% mortgage offer (From The Oxford Times)

Connells launches 100% mortgage offer

12:36pm Tuesday 13th September 2011

Witney and Carterton-based agency Connells has launched a mortgage which covers the full property price.

The 100% Family Guarantee mortgage, which is aimed at first- and second-time buyers, needs a guarantee from a family member through a secured collateral charge on their property.

Emma Horwood, mortgage services consultant at Connells, said: “This is one of the first 100% mortgage products since the credit crunch and it couldn’t come at a better time.

“Saving for a deposit and getting a mortgage have been the most significant stumbling blocks for first-time buyers over the last few years so our new 100% Family Guarantee product will help countless buyers get on the property ladder.”

“Dwindling house prices have caused some homeowners to become stuck without the means to make their next move.

“This new 100% mortgage will allow parents, step-parents and grandparents to help their children move home without the need to lend or gift them a large amount of money for a deposit.

“Instead, they can guarantee up to 25% of the loan against their own property.”