You are here: cherry > Press releases for July 2020 > Buckinghamshire Building Society enhances its Family Assist product range to help First-Time Buyers take their first step onto the property ladder

07 July 2020

Buckinghamshire Building Society is pleased to announce that is has expanded its Family Assist product range to include discount and fixed rates. It will also allow a Desk Top AVM on the parents’ property (subject to conditions), to help reduce the overall cost.

While other banks and building societies have withdrawn more than half of their mortgage products since the beginning of March due to the challenges of the pandemic, Buckinghamshire Building Society remains committed to offering first-time borrowers the option of taking out a loan for 100% of purchase price with certain conditions.

The government's stay-at-home measures along with mortgage payment holiday applications and Bank of England emergency base rate cuts have combined to create uncertainty in the home lending sector.

90% and 95% LTV mortgage product choice remains at just a tenth of the levels seen in March before the Covid-19 lockdown period began, according to the latest figures from Moneyfacts.

Moneyfacts.co.uk data shows that the number of products available for first-time buyers with a 5% deposit has fallen from 391 in March to just 14 as of 01.07.2020. In the same period, the number of available products requiring a 10% deposit has dropped from 779 to 70.

That means 92% of products where a 5% deposit was required have been withdrawn from the market in the space of four months, making it more challenging than ever for those seeking to purchase their first home.

"This is a tough time for first-time buyers who already find it hard to get onto the property ladder. Our Family Assist Mortgage offers a solution to those who have family members in a position to help secure a loan. We also offer repayment terms of up to 40 years helping to lower the monthly cost of the mortgages” Tim Vigeon, Head of Lending at Buckinghamshire Building Society, said in a statement. “We are fully committed to first-time buyers and intend to keep our Family Assist product in place.”

For full details, visit our Intermediaries product pages or please call our mortgages team to discuss a specific application.