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Aldermore Bank is the first mortgage lender since the credit crunch to offer 100% loans. The return of 100% mortgages will not be welcomed by all as the regulator is paranoid about ‘irresponsible’ lending and has generally frowned on 100% loans since the clamp down on lending which has deterred the banks from returning to this market.

Aldermore Bank is offering 100% loans to value – provided the borrower can persuade a parent, grandparent or other relative to guarantee the loan. But there are tough conditions that not all guarantors will like. Aldermore will take a 10-year charge, for 25% of the amount borrowed by the first-time buyer, on the guarantor’s property.