Bath Building Society is launching a 100%, three-year fixed-rate mortgage to help would-be first-time buyers get a foot on the property ladder.
The Society has devised the 100% Parent Assisted Mortgage Scheme in order to open up the housing market to potential buyers who are currently barred from purchasing by the high deposits required by many lenders.
The PAMS mortgage requires the parents of the buyer to provide a guarantee for the loan, and the Society takes a charge over a proportion of the parents’ home.
Dick Jenkins, Bath Building Society’s chief executive, says the 100% loan – which has a 5.29% interest rate – is a logical step given the Society’s strong performance record with its 95% PAMS
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