New mortgage scheme for university students

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by Kay Murchie

Parents of university students are looking for ways to help their child get onto the property ladder and a new scheme called buy-for-uni mortgages is receiving a tremendous response.

The scheme was first introduced in Bath in April 2006 and many parents believe it to be a safer alternative than the buy-to-let option. The scheme is also becoming more widespread and demand is heavy in London, north east and the south coast.

Students can apply for up to a 100% mortgage on a house with up to 4 bedrooms, secured against their parents’ home. Students can then let out rooms to assist with mortgage repayments.