Aldermore launch 100% LTV family guarantee mortgage

by Aaron Strutt

Nov 18 2011

Aldermore have launched a 100% maximum loan to value fixed rate mortgage. The Family Guarantee Mortgage is designed for first or second-time buyers who don't have a big enough deposit, but do have a parent, step-parent, or grandparent who is able and willing to provide a guarantee secured against their residential property, equal to the amount of the new mortgage that exceeds 75% loan to value.

Aaron Strutt, a broker at Trinity Financial, says: “The new mortgage is not cheap. The rate is fixed for three-years at 6.48% and there is a £1,298 arrangement fee. The maximum loan size is £250,000 and the mortgage must be taken on full capital repayment. The guarantor will be liable for the debt for ten-years.”

18 November 2011