Thisismoney.co.uk - Barclays offering no deposit mortgage when parents put money in linked savings account
First-time buyers without a deposit could now be able to take out a mortgage with Barclays, providing their parents pay a 10 per cent deposit into a related savings account.
They get their money back after three years if all of the repayments have been made.
Aaron Strutt from Trinity Financial told www.thisismoney.co.uk: 'The Family Springboard mortgage is popular and helps younger borrowers who have parents willing to put cash in a linked savings account.
'These changes certainly enhance the product and the 5.5 times salary cap for wealthier borrowers makes it more appealing than many of the other products on the market.
'Many parents want to help their children onto the property ladder and at least they get their money back if all of the repayments are made on time.'
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