Marsden Building Society has launched its family step mortgage to the whole market after previously being an exclusive range.
Designed to support first-time buyers, the family step range helps clients looking to step onto the property ladder using support from family through savings or property.
It offers a mortgage solution up to 100% LTV with no need for borrowers to have a deposit and access to rates lower than the usual 90-95% LTV.
Heather Crinion, general manager (operations), said: “There’s a growing appetite for customers wanting to get onto the property ladder, with a reduction in rental properties available in the buy-to-let market and increasing house prices the market demand is there.
“However, with the increasing property and rental prices the challenge for First Time Buyers to raise a deposit grows alongside it.
“We’ve developed our Family Step range to offer support for customers going through this process where the Bank of Mum and Dad or other family members can help support them using savings or property.
“The product range has had a great reaction so far and we continue to work with intermediaries and their clients to get feedback on the steps they go through to support this range ensuring intermediaries, their clients and the family supporters have all the information they need.”