Bath Building Society says it has the answer for student's accommodation needs with its unique Buy for Uni mortgage product, which it claims is the only one of its kind in the UK market.
The society maintains that the recent fall in house prices across the UK, coupled with a stable rental market means that now is the ideal time to take full advantage of the offer which was launched two years ago.
Bath Building Society provides mortgages for students throughout England and Wales. It s Buy for Uni product gives them the potential to cover their accommodation costs during their time in further education.
Although there are currently few 100 percent mortgages available from lenders, the Buy for Uni mortgage allows the student to borrow up to 100 percent of the value of the property.
The student can then use income received from renting spare rooms to off-set the costs of the mortgage and potentially realise a profit.
Head of Lending at Bath Building Society, Malcolm Graham-Jones said: “Now is the time that students are looking to find properties for the next academic year, and purchasing their own property is a viable option with the Buy for Uni mortgage.
“Our product is helping students to invest in their own future, allowing them to achieve that all important first step on the housing ladder, and it also gives parents peace of mind knowing that their children are safe and secure in their own property.”
The mortgage requires the parents to act as guarantors, however they can borrow up to 100 percent of the property price.
