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 Buy-for-uni a ‘massive success'
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Wednesday, June 13, 2007 |
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A scheme designed to get UK residents onto the housing ladder at an early stage has been a great success in its opening 12 months, it has been suggested...
The buy-to-uni mortgage scheme, which allows students to apply for a 100 per cent mortgage on a property with up to four bedrooms, saw an "absolutely massive" number of enquiries upon its launch, Bath Building Society has advised.
The initiative, which does not require students to pay a deposit and secures the property against their parents' homes, is also helping to make students more responsible, the lender has suggested.
"I think as far as students are concerned, a lot of them are eighteen or nineteen and suddenly realise that this gives them a start-up in life and they're accountable for something," commented Bath Building Society head of lending Malcolm Graham-Jones.
"A lot of students will make the call themselves and find out all the information, and mum and dad are just sort of sat in the background until it gets to the technical details," he added.
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