You are here: Home - Mortgages -

Tipton launches family assist mortgage

Written by: Lana Clements
Tipton & Coseley Building Society is offering a flexible family assist mortgage to help first-time buyers with a very small deposit.

The lender has launched the deal up to 99% loan-to-value (LTV), which requires a 20% security made up of the deposit and a charge on a family member’s main residence.

Alternatively, the 20% can be cash from a family member placed into a Tipton family assist savings account.

The amount of deposit can range from 19% with a 1% charge on the family member’s home, to 1% with a 19% charge.

Tipton said the deal provides a way for first-time buyers to get on the property ladder but can also help movers who want a high LTV mortgage.

It comes as the number of first-time buyer mortgages has dramatically shrunk, with Lloyds Bank recently withdrawing its family support loan.

Cammy Amaira, sales and marketing director at the Tipton, said: “It’s increasingly becoming more difficult for first-time buyers to get onto the property ladder.

“The lockdown has made matters even more challenging as many lenders seek bigger deposits having withdrawn their higher LTV products from the market.

“At the Tipton we are fully committed to this market and the launch of our Flexible LTV Family Assist mortgage is designed to help borrowers obtain a mortgage without the need of a hefty deposit.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week