Furness Building Society has launched a new first-time buyer mortgage charging 3.50% to 95% LTV.
There is no product fee on the two-year fix and the 5% deposit can be funded from either the applicants’ savings or a gift from a family member, or a combination of the two.
The Bank of Mum and Dad can help without having a charge placed on their own home or depositing a lump sum into a savings account.
This mortgage is available on a wide range of property types throughout England and Wales.
Sue Heron, marketing and sales director at Furness, said: “This outstanding product will appeal to those looking to get on that first step of the property ladder.
“First-time buyers may also benefit from the society’s manual underwriting approach, meaning we can look at each application in detail to arrive at the best outcome for the customer.”
Heron said the society's regional development managers and experienced broker support team can discuss enquiries and help brokers submit an application.
The mortgage is also open to home movers with a good track record but only have a 5% deposit.