The Buckinghamshire Building Society has unveiled a Family Assist Mortgage available to first time buyers who are struggling to raise a deposit.
They can borrow up to 100% of the purchase price, with parents or grandparents providing the additional security using the equity in their property.
Parents or grandparents must have minimum remaining equity of £130,000 and the maximum loan to value (LTV) is based on the number of bedrooms in their house.
Tim Vigeon, head of lending at the Buckinghamshire, said: “We have always been keen to support the Bank of Mum & Dad to help their children onto the property ladder. We already accept family gifts and family loans backed with a second charge to help first time buyers raise the necessary deposit on their home.
“The Family Assist mortgages offer a new option and demonstrate our commitment to look at innovative new ways to help first time buyers achieve their home ownership dream.”
All cases are individually underwritten.
