Daily Mail - Metro Bank offers 100% mortgage to first-time buyers - but they will need their parents' help

Metro Bank is offering first-time buyers a 100 per cent mortgage, meaning they can get on the property ladder without needing to save a deposit. However, they will need their parents to be added to the mortgage in order to get it. This is because it is a 'joint borrower sole proprietor' mortgage, meaning a buyer can add a second person to their mortgage application without them owning the property.

Aaron Strutt, mortgage broker at Trinity Financial, says: 'The rate is not amazing at 6.99 per cent fixed for five years, but if the product allows often younger people and family members to club together and buy the property they want it could be a good option.

'If you can get a small deposit together to qualify for a cheaper mortgage elsewhere it may well be worth doing.'

 it allows for a maximum mortgage size of £675,000, which is generous given that applicants potentially have no deposit. If you are desperate to get on the property ladder and it's cheaper than renting, it may well be worth considering.'

'At a time when younger people need more help to buy homes this is a welcome addition, but it isn't cheap."

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