The Family Guarantee Mortgage is fixed for three years at a rate of 6.48%.

Up to 25% of the loan is guaranteed by a parent or legal guardian through a charge on their own property. The parental guarantee will fall away after 10 years.

Ben Thompson (pictured), managing director of the Legal & General Mortgage Club, said: “The housing market feels like a tough place to be right now if you are trying to get on the property ladder as house prices seem high and it’s more difficult to get a mortgage than it has been in previous years.

“It’s vital therefore that the industry does its best to provide innovative and inclusive products that help reliable first-time borrowers to realise their dreams of home ownership. This product with Aldermore is one of the ways in which we are seeking to do just that.”

The pilot for the 100% mortgage was first announced in September through Connells Group, Arun Estates and 3mc, to potential homebuyers throughout England and Wales.

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