Bath Building Society is the latest lender to join the Legal & General Mortgage Club panel.
Members can now access Bath’s residential and buy-to-let products, which accommodate British expats living abroad, limited companies and portfolio lending.
The society’s residential range includes a 100 per cent loan-to-value parent assisted mortgage targeted at consumers lacking additional funding but wanting to help children onto the property ladder, and an interest-only retirement mortgage.
Yesterday (24 September), the Equity Release Council reported the number of homes in England bought with a gift or loan from a family member or friend recently reached a record high of 1.1 million.
Bath will offer members access to its rent-a-room offering - allowing an applicant to increase their borrowing by renting out a spare room - and buy-for-university product, tailored to students wishing to purchase during their university term with applications accepted in the sole name of the student or jointly with parents.
Alex Reynolds, financial adviser at Advies Private Clients, said the rent-a-room and buy-for-university products were quite niche but very useful as few lenders can offer help in either area.
He said: "There are very few lenders that consider helping with these types of cases and Bath Building Society has been consistent in supporting clients in these more specialist cases.
"They support common sense underwriting for both products which allows first time buyers and students to buy properties which would otherwise be out of their reach."
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: "Bath Building Society’s unique product offering allows brokers even greater choice and flexibility to cater to the needs of their clients, and we look forward to working closely together and strengthening our development in these areas of the market."
Ben Hutchings, mortgage sales manager at Bath Building Society, said: "At Bath Building Society we work tirelessly to create products that meet the individual demands of today’s customers - following the successful introductions of our niche mortgage range we are excited to expand our reach further by joining the Legal & General lender panel."
rachel.addison@ft.com
