The product is named the Family Guarantee Mortgage and allows first-time and subsequent buyers to borrow 100% of the value of the property with a guarantee from parents or grandparents for the value above 75% LTV.
Dev Malle, sales & marketing director at Personal Touch, said: “This product combines innovation with a pragmatic approach to helping homebuyers with limited or no deposits whilst maintaining a prudent approach to lending quality.
“The rates and fees for a 100% mortgage stack up and give our members a real alternative for homebuyer clients that fit the sensible criteria. The response has already been positive to this new product addition.”
Charles Haresnape, managing director of Aldermore Mortgages, said: “We are delighted to be working with Personal Touch to bring much needed innovation for clients keen to buy a home but who do not have a deposit. This brings more choice to the bank of mum and dad.”
