"This is an excellent opportunity for those who in most cases, never dreamed they could buy their own home while a student."
The Buy for Uni product is designed to help students onto the property ladder and avoid student accomodation. Where appropriate, up to two rooms can be rented to help cover the mortgage payments.
There are two new products available, one up to 80% LTV where a standard deposit will be required and the other up to a maximum 100% LTV where the assisting family member (joint borrower) will be required to provide a deposit guarantee of either a second charge on their own home, a cash guarantee deposited in a specially designed account or a mixture of both.
The products are available on properties in England and Wales where the student has at least one year left on their course at a university less than 10 miles from the mortgaged property and are intending to live in the property themselves.
Ashley Pearson, BDM at Loughborough Building Society, said: “We’re keen to offer mortgage solutions to borrowers with a range of different circumstances and this is an excellent opportunity for those who in most cases, never dreamed they could buy their own home while a student.”
