Aldermore became the third lender to launch a 100% mortgage deal for first-time buyers or homebuyers yesterday with a guarantee from a parent, grandparent or guardian.
The lender requires 25% of the mortgage to be secured through a charge on the guarantor's own property and Aldermore's Family Guarantee Mortgage is fixed for three years at a rate of 6.48%. However, borrowers who want to remortgage to a better rate in the future could find it difficult to do so under the same product terms, said Fahim Antoniades, group director of Mortgage Centre IFA. "As it stands, there are not many lenders who are offering this type of product in the market," said Antoniades. He said there is one way in which borrowers could remortgage, but it would require two ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes