Buckinghamshire Building Society has announced a revamp of its Family Assist product.

It has been transformed and rebranded as Deposit Lite, which the society argues better reflects the “essence and benefits” of the solution.

The Buckinghamshire says Deposit Lite is ideal for first-time buyers with little or no deposit. They can borrow up to 100% of the purchase price utilising equity in a parent’s or grandparent’s property.

Meanwhile, loan terms of up to 40 years are available with Deposit Lite.

Claire Askham (pictured), head of mortgage sales at the Buckinghamshire Building Society, said: “Deposit Lite is specifically designed to ease the journey onto the property ladder for first-time buyers who need a helping hand. By securing a collateral charge on a family member’s property, we’re opening doors to homeownership that might otherwise remain closed.

“Deposit Lite stands as a testament to our commitment to innovation in response to the ever-evolving needs of the housing market. We recognise that the traditional routes to buying a home are not always viable for everyone. Therefore, we are continuously seeking to adapt and offer solutions that resonate with and support the aspirations of a diverse range of homebuyers.

“At the heart of Deposit Lite is our belief in the power of family support in achieving the dream of homeownership.

“This product reinforces our dedication to providing flexible and thoughtful mortgage solutions that keep pace with the changing dynamics of society and the economy.”