Tipton and Coseley Building Society has launched the Flexible LTV Family Assist mortgage up to 99 per cent LTV.

The new product is aimed at first- and second-time buyers and requires 20 per cent security, made up of a deposit and a charge on a family member’s main residence or cash from the family member, which will be placed into a Tipton Family assist savings account.

The sum of the deposit can range from 19 per cent with a 1 per cent charge, to 1 per cent with a 19 per cent charge.

Tipton sales and marketing director Cammy Amaira says: “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 The lockdown has made matters even more challenging as many lenders seek bigger deposits having withdrawn their higher LTV products from the market.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.”