Mortgage Intelligence and Countrywide have launched Aldermore’s 100% Family Guarantor product to their members.
The deal is available for first-time and subsequent buyers and has adapted the original guarantor premise by lending 100% to the applicant.
It is priced at 6.48% for three years, with a £999 completion fee and a minimum age of 25 for the borrower.
There is a charge on the equity on the property rather than a cash loan as a gifted deposit.
Sally Laker, managing director, Mortgage Intelligence Holdings, said: “We’re delighted to provide our ARs and mortgage club members access to this innovative product. With the ‘Bank of Mum and Dad’ becoming ever more prevalent in today’s first time buyer market this spin on a guarantor product will be welcomed by our members as another product in their toolkit.””