NatWest International offering family-backed mortgages
A new mortgage option is now to be available for first-time buyers on the Isle of Man.
NatWest International has launched family-backed mortgages, which will allow family members or close friends to contribute to an application without taking on ownership of the property.
The bank says the move responds to a growing trend of more adult children moving back home to save for a house deposit.
It hopes the new offering will help get first-time buyers on the ladder with the support of those closest to them.
Richard Steel, Managing Director of NatWest International, Retail and Commercial Banking said: "We are committed to providing more pathways to home ownership and helping first-time buyers to achieve their goals.
"Today’s launch of the Family-Backed Mortgage boosts the borrowing power of prospective homeowners by enabling them to combine incomes with a family member or friend, while retaining independence to own a home in their own name."
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