100% Mortgages Return

First time buyers have been given a huge boost at the news Barclays Bank are now to offer 100% mortgages again being the first major lender to do so since the crash in 2008.

Barclays "family springboard" mortgage will allow buyers to get a mortgage with zero deposit with the help of a "helper" normally a family member. The "helper" would need to put 10% of the purchase price into a Barclays savings account linked to the mortgage.

After three years have passed if every mortgage payment is paid on time the "helper" will be returned the deposit money plus interest.

The amount buyers could borrow is also increasing, with people earning £50,000 or more now being allowed to borrow up to 5.5 times there salary. Buyers who do not have a deposit could now get a fixed rate mortgage over three years for 2.99%. Buyers with 5% deposit could get a slightly better deal of 2.79% over a fixed three years.

Could this tempt more first time buyers into searching for their first home only time will tell.