Aldermore has withdrawn its family guarantee mortgage product to new borrowers as it adapts to changes in demand from customers.
Aldermore began offering the product in 2011 but with a preference shown for other products designed to help first-time buyers, it has made the decision to withdraw.
Jon Cooper, head of distribution at Aldermore, said: “First-time buyers are a key focus for us and we strive to offer them as many options and support to buy as possible.
“There appears to be little demand for this type of product in the market currently, and we are seeing new buyers greatly favour high loan-to-value or Help to Buy equity loan options.
“We continually review our product range to make sure we are providing customers with the facilities they need. For now, we are concentrating on improving our mortgage products that remain popular amongst first-time buyers.”
This will not impact any existing Aldermore mortgage guarantee customers or those in the pipeline.