Bath Building Society has earned itself yet another award from a top mortgage magazine for its efforts in helping first time buyers.
The Society has been named Innovator of the Year by the Mortgage Finance Gazette in their small to medium size lender category, largely due to the success of its Parent Assisted Mortgage Scheme (PAMs). Since its launch in 2008, the product has helped many first time buyers to find a way onto the housing ladder.
Mortgage Finance Gazette has been the leading magazine in the mortgage finance industry for over 140 years, and is widely regarded as a leading authority when it comes to lending.
The accolade from the Gazette has been welcomed by Bath Building Society which has been striving in recent years to provide more mortgage options for first time buyers. The Society is leading the way in developing an innovative range of mortgages to help young professionals, and students, to get onto the housing ladder.
Gill Orchard, Mortgage Support Manager for Bath Building Society explains, "Many young professionals struggle to get a mortgage, and there was clearly a need for this type of product for first time buyers. Using the same principles as our Buy for Uni mortgage we created PAMS (Parent Assisted Mortgage Scheme)."
"PAMS uses a parental guarantee, combined with a collateral charge over some of the equity from the parents' home, allowing us to offer a 90 per cent mortgage to many young professionals."
"Additionally, we can also consider using income from renting a room in the property to cover part of the mortgage amount, allowing us to top up the applicants' income where needed."
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