Tipton & Coseley Building Society is continuing to support first-time buyers during the lockdown by still offering its 100% loan-to-value (LTV) Family Assist mortgage product.
This comes at a time when many lenders are withdrawing their high LTV mortgage deals since the coronavirus lockdown.
According to Moneyfacts.co.uk, the number of products available for first-time buyers with a 5% deposit has plummeted to 37 as of 4 May 2020. This compares to 405 products in February 2020.
The number of products that require a 10% deposit has fallen by 776 to 99 in the same time.
The Tipton Family Assist Mortgage enables first-time buyers to borrow up to 100% of the purchase price and is an effective way of gaining a foothold on the property ladder.
It is specifically designed for borrowers whose family are in a position to help by means of offering the society additional security. This could be in the form of a collateral charge of 20%, being secured against a family members’ property, or by putting 20% of the amount which is borrowed into the Tipton’s Family Assist savings account.
Cammy Amaira, sales and marketing director at the Tipton, said: “This is a tough time especially for first-time buyers who already find it hard to get onto the property ladder.
“The lockdown has exacerbated the problem as many lenders have withdrawn their higher LTV products from the market and they may continue to do so if the lockdown carries on. At the Tipton we are fully committed to first-time buyers and intend to keep our 100% LTV Family Assist product in place.”
