Posted by Gareth Williams, Partner
Bank hopes mortgage deal will help first-time buyers
Barclays last month became the first major UK lender to unveil a no-deposit mortgage deal since the financial crash.
Announcing their 100 per cent loan-to-value deal, the bank said it was hopeful it would help first time buyers to get their foot on the property ladder.
It is likely the arrangement will ease the burden on the “Bank of Mum and Dad”, amid growing concern about the number of parents who are having to offer their children financial support.
Raheel Ahmed, head of Barclays Mortgages, said: “With over a third of young people still turning to their family for help with buying a home, we have increased the accessibility of the Barclays Family Springboard Mortgage.
“We want to offer more people a way to get on the property ladder and to walk through the door of their first home earlier than they perhaps thought.”
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