Metro Bank has announced a new mortgage offering for clients of St. James’s Place Wealth Management.
The intergenerational mortgage range will enable St. James’s Place clients to support their children and grandchildren with purchasing a property, while continuing to plan for their own future.
The new offering enables clients to increase their relatives’ deposit through either gifting money or by providing extra mortgage security with a Secured Deposit Account. It also provides clients with the option of jointly applying for a mortgage with their relative, without being registered on the property deeds.
David Bellamy, chief executive, St. James’s Place, said: “At St. James’s Place we believe there is an opportunity for families to support each other and help with the intergenerational wealth divide.
“We now live in a world where it’s possible for four generations to exist within a family. As the UK demographics change, wealth is increasingly being transferred between generations during lifetimes. At St. James’s Place we have certainly seen many of our clients wishing to provide substantial financial support to their adult relatives today.
“While it is great to see families offering such support, they also need to be secure in their own future. In an increasingly complex world, the need for reliable and expert advice has never been more obvious. The Intergenerational Mortgage Range allows families to contribute to their children’s home-owning ambitions but also enables them to be secure in their own future and plan for the longer term.”
Craig Donaldson, CEO of Metro Bank, added: “Accessibility to the property market is a major challenge for young people and we understand their family’s desire to support them. We are delighted to be offering this innovative new range of mortgages that will provide St. James’s Place clients with peace of mind, while enabling more young people to get onto and progress up the property ladder. We look forward to continuing to innovate alongside St. James’s Place over the coming years.”