Metro Bank has launched a 100% LTV Joint Borrower, Sole Proprietor (JBSP) mortgage.
The mortgage allows customers to borrow over 95% and up to 100% of the value of the property.
An immediate family member, such as a parent, will need to act as a joint borrower and provide support in the event of a missed payment or change in financial circumstances.
The lender said lending will be subject to Metro Bank’s affordability checks and borrowers will need to meet enhanced eligibility requirements.
Charles Morley (pictured), director of mortgage distribution at Metro Bank, commented: “For many first-time buyers today, getting on the property ladder can feel impossible, and family members often want to do anything they can to help.
“Acting as a joint borrower provides a way for immediate family to be that support without watering down the ownership of the property or being asked to provide a deposit.
“At Metro Bank we understand the importance of lending responsibly while continuing to be innovative and challenging, and we’ve carefully developed our mortgage product with this in mind.”