Loughborough Building Society has added a new mortgage type to its Family Assist range; a hybrid of the joint borrower sole proprietor product and the family backed deposit guarantee.

The new offering includes up to 100% lending when guarantees are in place.

All parties involved in the loan will be responsible for the mortgage payments, and there is no requirement for the proprietor to be able to take on the mortgage alone until all family members are ready and able to make the change.

The family member who assumes the role of joint borrower can offer a deposit guarantee of up to 20% of the property value by either depositing cash into a specially designed account or by using collateral (second) charge on their home, or a combination of both.

Once the terms of the guarantee are met, the cash sum will be returned to the assisting family member or their collateral charge removed.

These mortgage products are available for the purchase or re-mortgage of properties in England and Wales.

The Loughborough business development manager Ashley Pearson says: “The blend of the two Family Assist product concepts makes total sense. We know from experience that families are often willing and able to help one another to realise home ownership dreams and this is a great way for them to be able to do just that”.