Mortgages

The Society offers an extremely quick and flexible mortgage service, providing a wide variety of mortgage schemes and services.

Please phone us and discover what we can do for you.

Helping First Time Buyers

Do you wonder about your children getting on the housing ladder? How can they afford to buy if house prices continue to rise?
Here are two ways you may wish to help.

Providing a deposit

Many young people find it difficult to accumulate enough savings to fund a deposit, although their income may well be sufficient to meet monthly repayments.

How can you help? You too may not have the necessary cash readily available but you may be sitting on substantial equity in your property. You could release some of the increased value in your home by taking a further loan with us or transferring your mortgage to us from your current lender, with our re-mortgage package.

Providing that guarantee

What can you do if your child has a deposit, but their income is not sufficient to support the size of mortgage they need? Most lenders use an income multiplier, which is a crude measure and may exclude a number of acceptable applicants. Your involvement by way of a guarantee may enable us to lend, where your child’s income does not initially fulfil our standard criteria. This type of parental guarantee is particularly helpful to support mortgages to young professionals where their income is expected to increase in the near future.

Being a guarantor

Let’s explain the role of the guarantor in a mortgage arrangement of this sort taken out with the Society.

A guarantor is someone who agrees to be responsible for the repayment of a loan, if a borrower defaults. In practice this means that the borrower (your child) makes the repayments due under the loan agreement with you (the parent) standing by. Should your child default – he decides not to pay, or he cannot pay – the Society has the right to seek repayment from you, the guarantor. To safeguard this possibility, the Society may take security such as a mortgage over your property, with the right to release that security should you be unwilling or unable to pay what is due.

Seek advice

Entering into a guarantee should not be taken lightly and independent legal advice is recommended to ensure that the liability is fully understood. That said, a guarantor mortgage could be the device that sees your child move into their first home.

Help for existing Home Owners

Mortgage Transfers

Are you getting the best deal from your existing lender? Why not consider transferring your mortgage to the Society?

Release that capital which has built up in your home

Do you have expensive credit cards and personal loans, which you’re finding hard to get repaid? It can make good financial sense to borrow against your property for the larger financial commitments in life. Our mortgage rate is likely to be substantially below the rate offered for unsecured lending and the repayment period can be tailored to meet your financial circumstances.

If you are considering substantial property improvements, the purchase of a major asset such as a car why not approach the Society with a view to transferring your mortgage. If you are already a borrower with us, have you considered a further loan?

Asset rich but short of income

Many older borrowers have substantial sums locked up in their property yet struggle to service the yearly expenses of maintaining their home or their existing lifestyle.

It may be that the Society can help by providing an interest only mortgage, with the capital being repaid eventually on death. This is not an exercise to enter into lightly because of the financial commitment but why not talk to the Society to see if we can assist?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE