British wealth manager St. James’s Place (SJP) has partnered with Metro Bank to launch a new mortgage product for clients looking to support their children or grandchildren in buying their first home.
The product will provide clients with the option of jointly applying for a mortgage with their relative, without being registered on the property deeds.
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The offering will be available exclusively to current clients of SJP.
SJP CEO David Bellamy said: "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.
"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."
Metro Bank CEO Craig Donaldson said: "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."
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