Family Offset Mortgage

Mrs_Ding

Are Family Offset mortgages only available to help first-time buyers? I would like to help a family member buy a bigger home - something she is currently struggling to afford but needs due to her children reaching an age where they needs their own bedrooms. 

If a Family Offset Mortgage is not available, is there any other way I could help? I am reluctant to become a joint owner because of the stamp duty implications. 

housebuyer143

Why family? YBS do one were you can link family accounts, but they are going to have to pass affordablilty on their own first. 
Falling that, your can do joint borrower, sole proprietor mortgages, so you are on the mortgage but not the property. 

Mark_d

A family offset mortgage gives extra security to the lender whilst the buyer builds up equity in the property.  If the buyer cannot afford repayments on the mortgage, then this would not be a solution.

I would suggest looking into gifting or loaning money to your family member.  Either of these options should allow your family member to get a better interest rate on her mortgage because of a better LTV.

silvercar

housebuyer143 said:

Why family? YBS do one were you can link family accounts, but they are going to have to pass affordablilty on their own first. 
Falling that, your can do joint borrower, sole proprietor mortgages, so you are on the mortgage but not the property. 

This. Barclays have reasonable rates.