Loughborough Building Society has launched a “Fresh Start” mortgage – designed for those facing a relationship breakdown or relocating due to a life event.
The mortgage, which is currently a 3-year discount at 3.49% with a £199 fee, is available up to 100% loan-to-value with the help of a family member.
The family member must deposit money using Loughborough’s assisted purchase deposit guarantee account, or they have to agree to accept a legal charge over a residential property. It can also be a combination of both.
Ashley Pearson, The Loughborough’s business development manager, said: “As a mutual it’s important that we consider borrowers who are experiencing life changes that can mean they find it difficult to live in the home they want.
“We’ve found that family members are keen to help one another but sometimes they just don’t know how they can. This solution is becoming more and more sought after. So I’m very pleased to say, it’s now available to help those people and families who need it.”