Specialist lender Aldermore has launched a 100% LTV Guarantor mortgage to help "disenfranchised" first-time buyers get on the housing ladder.
The Family Guarantee mortgage is available up to 100% LTV and has a three-year fixed rate of 6.48%. Aldermore said it has tried to mitigate risk by stipulating 25% of the loan is guaranteed by a parent or legal guardian through a charge on their own property. The parental guarantee will fall away after 10 years. The deal will initially be piloted via three distributors including Connells Group, Arun Estates and 3mc, to potential homebuyers throughout England and Wales. Loans are available on a repayment basis only and are available up to a maximum loan size of £250,000. The minimu...
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