Karen Wint, head of marketing and PR said, "This criteria enhancement will enable more people to get their foot on the housing ladder. Our fee free 100% mortgages already enable customers to buy their home without the need for any up front fees.
"Affordability can be a significant barrier for some first-time-buyers (FTBs) and many receive support from parents or close family in the form of a loan or gift. Acting as a guarantor increases the amount their children can borrow, which is particularly important in many areas of the country where property prices are out of reach. Furthermore, parents are only guaranteeing the difference between the amount their children can borrow and the total loan.
"This option also means that parents do not have to cash in savings, giving them greater financial control and flexibility."
