Parent Assisted Mortgage Scheme (PAMS)


Our Parent Assisted Mortgage Scheme was launched in 2008 to great fanfare. This type of mortgage will suit parents who want to help their children get onto the property ladder, but they don't have the spare funds for a full deposit.

If you think this Mortgage may be right for you then get in touch with our Mortgage Sales team on 01225 475737 or vial email at mortgages@bibs.co.uk to find out more. Or you can click on the links below which will give you more detail about the products.

The mortgage is available to first time buyers throughout England and Wales. We may also consider people moving home and applicants must be at least 21 years of age.

How much can I borrow?

We will lend up to 100% of the value of the property. The actual amount you can borrow will depend on your income.

How much income do I need?

Minimum income of £20,000, no minimum period of employment but you must have passed a probation period, or be self employed for at least three years. For the guarantor product, the income of the guarantors is also taken into account and the guarantors will need to assist with the monthly mortgage payments from the outset.

What Security is required?

We will require a first charge over the property to be purchased. On loans greater than 80% of the value of the property, we will also require a collateral charge over the residential property of your parents. This charge will be for no more than 25% of the purchase price. Where your parents already have a mortgage over their property, the value of that mortgage plus our charge must be below 70% of the value of their property.

What sort of property is acceptable?

The property must be in England or Wales. Minimum Property value £100,000. There are specific properties that we will not normally consider, such as ex local authority flats, flats in blocks of more than five storeys or flats over commercial premises, but please contact us to check whether a particular property is acceptable

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