Barclays are making it possible for people wanting to buy their first home but who don't have a deposit, to take out a mortgage, it has announced.

It's the first time that a major lender has made such an offer since before the financial crisis. Barclays have brought back the 'family springboard' mortgage plan, and it means that first-time buyers or movers can get a mortgage without having to put down a penny in advance.

This decision brings new hope to first time buyers who can now get a 3 year fixed rate of 2.99 per cent until June 2019, without having to put down their own money.

The drawback this time around however is that to secure the home loan, their parents will need to pay a 10 per cent deposit into a savings account, and leave it there for 3 years.

After 3 years they will get their money back, plus any interest, as long as their child has kept up with their mortgage payments. Parents paying money into a savings account will receive interest of 2 per cent.

Because of Barclay's major presence on the high street, the offer is likely to be very attractive towards people who are struggling to raise a deposit. Rachel Springall, a spokeswoman for website Moneyfacts.co.uk said that 2.99% is an acceptably priced mortgage, "but people must be aware that their parents or guardians must deposit the full 10 per cent of the property price and they will not have access this money for 3 years."

This means that any risk is spread between both the buyers and the depositors so care needs to be taken to consider the best course of action to ensure all payments are made on time.

Nigel Wilson of Legal and General said: "The Bank of Mum and Dad plays an increasingly vital role in helping young people take their first steps onto the housing ladder."

Lately, soaring house prices have made home ownership an unattainable dream for many people, but schemes such as the one offered by Barclays could lend a helping hand to those people with parents willing to help them this way.