Barclays UK has signalled the return of the 100 per cent mortgage for the first time since the financial crash.
The lender this week unveiled a new deal which will allow homebuyers to secure a loan without a deposit as part of changes to Barclays’ Family Springboard mortgage, which previously required a 5 per cent deposit. The changes also mean that buyers earning more than £50,000 can borrow up to 5.5 times their salary, up from 4.4 times previously.
The move is great news for young people looking to get on the property ladder but struggling with the time it takes to build up a sufficient deposit. It’s also good news for parents who are willing to help and now no longer need to wave goodbye to a significant chunk of their savings.