"The lockdown has exacerbated the problem as many lenders have withdrawn their higher LTV products from the market."
The announcement comes as a number of lenders withdraw products at 90% LTV and above, including Accord Mortgages, Virgin Money, Furness Building Society and Ipswich Building Society.
Coventry and Monmouthshire building societies have since relaunched a number of 90% LTV products.
The Tipton Family Assist mortgage enables first-time buyers to borrow up to 100% of the purchase price or the property value. It is specifically designed for borrowers whose family are in a position to help by means of offering the Society additional security. This could be in the form of a collateral charge of 20%, being secured against a family members' property, or by putting 20% of the amount which is borrowed into the Tipton’s Family Assist savings account.
Richard Groom, head of sales at the Tipton, said: “This is a tough time, especially for first-time buyers who already find it hard to get onto the property ladder. The lockdown has exacerbated the problem as many lenders have withdrawn their higher LTV products from the market.
"At the Tipton we are fully committed to first-time buyers including those who want to buy a new home and intend to keep our 100% LTV Family Assist product in place.”
