First-time buyers will rush to get one of Barclays' new 100% mortgages - but MYRA BUTTERWORTH reckons some will be getting in too deep (again)

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First-time buyers will absolutely love it. A mortgage that allows them to get on the property ladder without so much as a penny from them needed towards a deposit.

This deal will undoubtedly be hugely appealing as one of the big hurdles for many first-time buyers - especially in London where average house prices are considerably higher than across the rest of the country - has been saving for a deposit.

With lenders having reserved the best rates in recent years for those with a large deposit, it has been a battle that many of those climbing onto the property have fought and lost. Until now.

It is now possible for buyers to purchase a home without providing a deposit - although a family member will need to contribute

For today, Barclays has launched a new version of its Family Springboard mortgage.

Three years ago, it launched the original version of the deal where buyers were required to provide a 5 per cent deposit, with a family member providing the cash equivalent of 10 per cent of the purchase price of the property.

The cash was returned, with interest added, to the family member after three years.

Today's refresh of the deal - which is also available to those further up the property ladder - sees the requirement for the 5 per cent from the buyer disappear...into thin air.

And that is where the issue lies. For in the same way that saving £20 a month may never make you a millionaire within a few years but installs a 'savings habit' that should never be ignored, saving for a deposit can help buyers with budgeting - something that is can be key for borrowers who are one day hoping to own their home.

So can it ever be okay to buy a home with a mortgage but without a deposit? Experience suggests not and that this product should begin to sound alarm bells.

While the height of the credit crisis is almost a decade ago, the lessons learnt should never be forgotten, especially when as many as 1,000 financially overstretched buyers a week were losing their homes during that time.

However, this product is helpful in illustrating the growing dominance of - or reliance on - the Bank of Mum and Dad in today's property market.

House prices mean it simply isn't possible for many first-time buyers to go it alone. And if they are not in a two-working-person household, then a family member may be the only solution.

So parents, be prepared. For not only it is the new norm for you to contribute towards the purchase of your child's own home but you may be required to bail them out should things go sour as your name sits on the mortgage.

With the Family Springboard mortgage, the family member - who is often a parent - will not get any of their cash back if the buyer misses a monthly mortgage payment. The whole amount that the family member contributes is 'frozen' until the payments are brought back up to date.

Barclays insists that new mortgage regulations that now govern the industry have reduced the risks of borrowers overstretching themselves and that it 'makes sure that borrowers can afford the mortgage'.

So for those running at speed towards their local branch of Barclays to snap up one of these deals, take a step back and make sure you sit comfortably with the mortgage before signing up. 

Otherwise you may not be able to enjoy your new home - that this deal may help you to buy - without Barclays and the Bank of Mum and Dad coming knocking at your door.