Bath Building Society is continuing to build a name for itself as a niche lender following the success of its unique Buy For Uni mortgage.
There has been much interest in the Buy for Uni product, with it being one of the few 100 per cent mortgages still available on the market, and the Society is continuing to develop its range of niche products including its Parent Assisted Mortgage.
Gill Orchard, Mortgage Support Manager for Bath Building Society explains, "The Buy for Uni Mortgage is continuing to be a real success. We launched it in 2006 and it has done everything we hoped it would do. We have helped many students to take their first step onto the property ladder, and we're proud of the fact that to date, not a single borrower has defaulted on their payments."
"On the back of the success of this product we launched the Parent Assisted Mortgage Scheme last year and it has had similar success. Many young professionals struggle to get on the housing ladder, 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 have 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."
Bath Building Society is continuing to punch above its weight within the mortgage market, thinking outside the box to deliver innovative products to suit different needs.
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