Family Building Society has today announced the launch of an enhanced Family Mortgage, now available at up to 100% LTV.

The 5 Year Fixed term product is designed to support first time buyers and home movers with the assistance of their family.

Family members have the flexibility to provide security for a family member's mortgage in one of two ways (or a combination of both) provided the total security, plus any initial deposit, adds up to 20% of the value of the property the borrower is buying.

The security supports the mortgage until the end of its fixed rate and is then released (subject to conditions).

Support can come from parents, grandparents or other family members without the need to provide a gifted deposit.

Darren Deacon, Head of Intermediary Sales, commented, “We were one of the first lenders to involve family members in the process of helping their children onto the property ladder some 12 years ago.

Today’s launch of our enhanced Family Mortgage is a natural evolution in its development and reflects the help that is even more necessary today for first time buyers and next steppers. Having built up significant equity in their own property over the years, we know family members are keen to help their children and grandchildren on the property-owning journey, by using a small part of this equity as security. Equally, we know that gifting a deposit isn’t always possible or practical, but families may have savings that can be put to good use. Our new Family Mortgage offers a route to home ownership that offers hope to those struggling to get on the property ladder and for growing families looking for their next move.”