Saffron Building Society has highlighted that not all lenders are penalising borrowers who are unable to save for their deposit, as the mortgage industry starts to tighten its criteria.
The specialist mortgage provider suggested that with several well known high street lenders now changing the criteria for gifted deposits, those with limited savings and struggling to save their deposits might be feeling “deflated”.
With criteria requiring that a borrower proves they have saved 75% of their deposit themselves, even on a good income for their local area, they may still find it difficult to get the product they require, the society stated.
Saffron announced that it was keen to remind borrowers looking for a new mortgage that gifted deposit mortgages are still available through a local broker.
“Borrowers may be feeling like the lifeline for a new mortgage is being cut, but they should not despair,” commented Saffron senior product manager, Laura Bright.
“High Street and larger lenders may be tightening the criteria, but we have a range of products at Saffron that do allow for a gifted deposit.
“Whether this is from the bank of Mum and Dad, or Nan and Grandad, we base our decisions on a case-by-case basis. As we are not a high street lender, many will not have heard of us, but if you contact a local broker they will be able to provide more details about the range of products we have available – one of which could be perfect for you.”
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