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Called 'Underbridge', the product will allow those who have bought property at upwards of a 25 per cent discount to take out a loan of 100 per cent of its value

The product is aimed at auctioned and repossessed properties as well as distressed sales which have been undervalued by as much as 40 per cent in comparison to their current market value.

Gary Booth, chief executive of Tiuta, said: "Underbridge is great news for professional buyers, or even first-time buyers looking to buy property at discount with a view to re-mortgaging it or selling it on.

"In the current climate re-mortgaging is taking a long time which can prohibit some borrowers."

Loans up to the value of £500,000 can be secured.

The launch of the product follows the successful introduction of another Tiuta package, Refurbridge, at the beginning of June.