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Mortgage Works launches new guarantor products
Head of products at TMW Tracie Pearce stated that the new offer will provide greater flexibility for guarantors and assistance for first-time buyers to "get a foot on the housing ladder".
She said: "Many lenders have guarantor propositions but few offer products specifically designed to cater for this sector."
The product range will offer customers who can afford more than 70 per cent of the loan the choice to set different levels of liability.
A guarantor must be able to afford the shortfall - a maximum of 30 per cent of the debt - plus a further ten per cent tolerance.
Halifax recently withdrew its guarantor mortgage, which allowed parents to act as guarantors for their children, because of a reduced demand for the product from brokers and consumers.
TMW is the intermediary lender for the Nationwide bank.
