Borrowers are able to use the product to borrow up to 99% of either the purchase price or the property’s value, whichever is lower.

However 20% security still needs to be provided, through a combination of a deposit and charge on the main residence of a family member, or cash from that family member placed into a Tipton family assist savings account.

This can range from a 19% deposit and 1% charge to a 1% deposit and 19% charge.

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 The lockdown has made matters even more challenging as many lenders seek bigger deposits having withdrawn their higher LTV products from the market.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