Call: 020 8296 1799
Call: 020 8296 1799

MLP Wealth

Planning for your future

Relatives buy homes

A mortgage that enables families to raise funds from their existing property to help relatives buy a home has been launched by Nationwide.

The family deposit mortgage is available to family members who want to help their children onto the property ladder, as well as home movers and those wishing to help older parents to move. 

New borrowers can choose from a two-year fixed rate, five-year fixed rate and two-year tracker rate mortgage deals with a £999 fee or no fee, available direct from Nationwide or through brokers.

Rates start at 1.15 per cent for the two-year tracker and 1.2 per cent for the two-year fixed rate, both with a £999 fee - a discount of 0.09 per cent on the core product range.

Existing Nationwide mortgage members and those remortgaging to the building society from another lender can apply for the Family Deposit Mortgage, on condition that the buyer receiving the funds takes out a loan from the building society’s standard mortgage range.

All of the additional sum raised must be provided as a fully gifted deposit, with those gifting the money able to access up to a total mortgage borrowing of 80 per cent loan-to-value.

The scheme is also open to those with no current mortgage on their homes and those in receipt of retirement income.

With the average first-time buyer deposit currently stood at £28,200 in the UK as a whole and £65,600 in London, the product will help the growing number of buyers relying on other family members for assistance when purchasing a property.

Nationwide’s head of mortgages Henry Jordan said: “Our Family Deposit Mortgage range has been launched in recognition of customer demand for a flexible and accessible way to use the wealth tied up in people’s homes.

"The aim is to help not only first-time buyers but also home movers to secure their own property.

"We know that trying to raise a deposit can be the most significant barrier to becoming a home owner.

"This Nationwide range will enable families to give mutual support to each other and provide new options for home ownership.”

Tony Salentino, director at Southampton-based Complete FS, said: “Anything that helps first-time buyers get on the property ladder is a good thing.

“We have a nation now of people in their 50s that have high equity and good assets, but their poor kids can’t even get on the ladder - so anything ‘out of the box’ has to be encouraged.

“We need to get away from the old style of thinking about deposits. We are in a different world now and have to think outside the box.”

Credit: Financial Times

JCB's Lord Bamford reignites CBI row claiming Brexit-businesses are not represented by big trade bodies

Brexiteer Lord Bamford has waded back into the political debate, accusing the Government and lobby g

Pension contribution limits: What's my annual allowance?

There are two restrictions on how much you can save into a pension and still receive tax relief on y

The best tax trick to boost your pension savings

Reinvesting your pension money is a sneaky way to boost your pot - we explain how it works Now that

'Retiree spent £120k pension in six months on a car, gambling and drink': MPs take evidence on pension freedoms

The successes and failures of the radical overhaul made to Britain's pension regime in 2015 are

Rising house prices and inheritance tax are fuelling a middle class equity release boom

Once seen as a last resort, the use of specialist, later-life mortgages is increasingly common among

Pension savers to get income boost as inflation rises

The state pension will increase by at least £4.78 a week, the Lifetime Allowance will increase by

Kim North: DB transfers don’t deserve the doghouse

I have worked in retail financial services for the last 30 years, from the coal face as an IFA to th

Lisa Webster: Reasons to breach the lifetime pensions allowance

The lifetime allowance is set to increase from April for the first time since 2010. Given the hatche

Adviser clients 39% a year better off in retirement - research

Clients of financial advisers can hope to be almost two-fifths a year better off in retirement than

Claire Trott: Protecting clients from lifetime allowance traps

More and more of my conversations with advisers are focused on those clients that have exceeded the

The Address

MLP Wealth Management Ltd
17 Station Road,



Get in touch

Please type your full name.
Invalid email address.
Invalid Input
Invalid Input
Please prove you're human

Find us

Your financial future is loading