The new Guarantor Plus Mortgage will allow potential applicants to borrow up to 100 per cent of the property value, with 25 per cent of the loan secured with additional suitable security.
This could be a charge taken on a parents, family member, or friends property. Alternatively it could also be taken on a cash deposit placed with the society.
James Gilbourne, Chief Executive of Catholic Building Society, said: With this scheme parents dont have to remortgage their homes or hand over large deposits to help their children buy a home.
With the Guarantor Plus sitting alongside our shared ownership; key worker and homebuy schemes we now offer a full range of products designed specifically with the first-time buyers in mind.
