Marsden Building Society is extending availability of its Family Step Mortgage for first-time buyers to the whole intermediary market.
Up to 100 per cent LTV mortgages are available in the range with no need for a deposit. Borrowers will need support of 20 per cent security from family through savings or property to access the products.
The products are available on fixed or discounted options for three year terms for properties valued between £100,000 and £350,000 and are not available for new build houses or flats.
The Family Step range starts from 2.54 per cent discount or 2.69 per cent fixed for 95 per cent LTV, while the 100 per cent LTV range starts at 2.64 per cent discount and 2.79 per cent fixed.
Marsden general manager Heather Crinion says: “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.”