Parent assisted mortgages will offers parents who want to help their children get onto the property ladder but don't have the spare funds for a full deposit the ability to use additional security on their own property to support another purchase.
The mortgage is available to first time buyers throughout England and Wales and the mutual will consider customers who are moving as well.
The 100% loan-to-value variable rate has reduced to 3.69% from 5.29% while the 95% LTV product is down to 3.49% variable from 4.79%.
The 100% LTV deal is now 3.89% fixed for three years and the 95% LTV product is now 3.69% fixed for the years.
The lender will also allow to use rental income from a friend to support their mortgage through its income plus deal.
This can be applied to the 95% parent assisted mortgage or the standard residential range, not including the 95% mortgage guarantee product.
Income plus allows borrowers with a 15% deposit to borrow more than they could under normal income multiples and affordability calculations.
A spokeswoman from the lender said: “These changes will further help first and second time buyers to get on to the property ladder and move up it.”
