The Family Mortgage consists of two elements: a 75% LTV mortgage, with up to 20% guaranteed by the buyer’s parents or family member using a savings account with the Furness or having a first charge loan on a portion of their property as security.

The deal has a discounted interest rate of 3.99%, 1.45% below the mutual’s SVR.

Ian Bell, general manager (marketing and development) of Furness Building Society, said: “Our new product makes it simpler, easier and safer for parents or other family members to help young people with home purchases without resorting to second mortgages or handing over their own savings.”