B&W is launching a joint mortgage between home-buyers and their parents or other family members to help first-time buyers get onto the property ladder.
First Start is designed to take the burden of providing a deposit away from parents while allowing first time buyers the opportunity to buy a suitable property.
The First Start mortgage is calculated by incorporating the first time buyer's income with a parent's income, minus the parent's annual mortgage repayment. Any other credit card or loan commitments would be deducted in the same way.
The annual mortgage is calculated at a notional rate of 1.5 per cent above the Bank of England base rate on an interest only basis regardless of the term.
It is available to 95 pe cent LTV and open to all occupations – not just graduates.
B&W senior product manager Paul Vinnicombe says: “Many parents are caught between a rock and a hard place, on the one hand wanting to help their children get on the property ladder and on the other needing to maximise their retirement savings. First Start helps both parents and children achieve their aims.”