Barclays launch new parental mortgage scheme.

Barclays have recently launched a new mortgage scheme where parents are offered the opportunity to help their children with mortgage affordability.

The Office of National Statistics recently announced that almost 3 million young adults are living back with their parents. In an effort to help would-be buyers fly the parental nest, Barclays are putting into place a new mortgage scheme specifically designed for parents to help their children achieve an offer.

Barclays new family affordability mortgage plan takes parents income into account without them actually being required to be on the property deeds.

The scheme is being made available throughout the whole mortgage range, which includes 5% deposit NewBuy deals. There is one restriction which is the scheme is not on offer for property in Northern Ireland or Scotland.

Barclays plan allows children and parents to pool their resources to secure a larger mortgage deal.

A Barclays spokesperson advised that the lender is working on a second guarantor product. Under a second scheme parents would be able to help their children to access cheaper rates through using savings as security. The proposed scheme would be similar to Lloyds lend a hand.

Andy Gray who is head of mortgages at Barclays commented saying many parents want to give their children the chance of independence, but often providing a deposit to buy a first home is out of the question.

He added that Barclays affordability scheme allows parents and children to pool their resources which will help those trying to climb on the housing ladder.

Parents looking for appropriate mortgage deals to assist children buy, should contact Deal Direct.