Tipton & Coseley Building Society has launched a flexible loan-to-value (LTV) family assist product, up to 99% LTV.
The Flexible Family Assist Mortgage enables first and second time buyers to borrow up to 99% of the purchase price or property value (whichever is lower).
The new product still requires 20% security, made up of the deposit and a charge on a family members main residence, or cash from the family member which will be placed into a Tipton Family assist savings account.
The amount of deposit can range from 10% with a 1% charge, to 1% with a 19% charge.
Cammy Amaira (pictured), sales and marketing director at the Tipton, said: “It’s increasingly becoming more difficult for first time buyers to get onto the property ladder.
“The lockdown has made matters even more challenging as many lenders seek bigger deposits having withdrawn their higher LTV products from the market.
“At the Tipton we are fully committed to this market and the launch of our Flexible LTV Family Assist mortgage is designed to help borrowers obtain a mortgage without the need of a hefty deposit.”