Spotlight On: Barclays' Family Springboard
Barclays this week launched a new mortgage aimed at those with only a 5 per cent deposit but whose parents can offer cash as additional security.
The mortgage offers first-time buyers with a 5 per cent deposit a three-year fixed rate at 4.69 per cent.
Parents need to lock away 10 per cent of the purchase price in a Barclays savings account for the length of the fix.
Lenders are looking for families to boost youngsters' chances of getting a mortgage. Lloyds, National Counties and Aldermore all offer similar deals. But if a first-time buyer had a 15 per cent deposit to slap down, they could get a lower-rate, three-year fix at 3.69 per cent through the Leeds Building Society.
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