The Buckinghamshire Building Society has expanded its Family Assist product range to include discount and fixed rates.
It will also allow a desktop AVM on the parents’ property (subject to conditions), to help reduce the overall cost.
90% and 95% LTV mortgage product choice remains at just a tenth of the levels seen in March before the Covid-19 lockdown period began, according to the latest figures from Moneyfacts.
Moneyfacts’ data shows that the number of products available for first-time buyers with a 5% deposit has fallen from 391 in March to just 14 as of 01.07.2020. In the same period, the number of available products requiring a 10% deposit has dropped from 779 to 70.
That means 92% of products where a 5% deposit was required have been withdrawn from the market in the space of four months.
Tim Vigeon, head of lending at the Buckinghamshire Building Society, said; “This is a tough time for first-time buyers who already find it hard to get onto the property ladder. Our Family Assist Mortgage offers a solution to those who have family members in a position to help secure a loan. We also offer repayment terms of up to 40 years helping to lower the monthly cost of the mortgages.
‘We are fully committed to first-time buyers and intend to keep our Family Assist product in place.”