The mortgage has a variable rate of 3.99% which runs over the entire term after a valuation of both the purchase property and the family member’s property is completed.
Richard Newton, the Tipton’s chief executive, said: “There are many families out there who want to help a relative get onto the property ladder.
They may not have cash readily available for a deposit but do have a property that can be used as security, provided borrowers can afford the monthly repayment.”
Typical first-time buyers require a £32,000 deposit to buy their first home according to the latest Genworth/Moneyfacts data.
