In the UK Nationwide is giving parents and grandparents the chance to help their children or other targeted family members to obtain a first time home mortgage. The mortgage company’s loan-to-value (LTV) Plan allows them to borrow up to eighty percent from their own home mortgage which they can use so that other family members can purchase a house through Nationwide’s standard mortgage range.

But this innovative mortgage deal is not only for parents and children. Spouses, siblings and stepchildren also are covered in the offer. According to Henry Jordan at Nationwide, customers have been demanding a chance to help other family members get a first time home. Nationwide has stepped up to meet the demand through its Family Deposit mortgage range offer.

According to Rachel Springall at Moneyfacts, Nationwide’s offer is a bonus for people like struggling borrowers who have to contend both with high rent payments and rising property values, adding that they can increase their home buying options with a Help to Buy ISA, which can get them government bonuses.

There are other lenders who have caught the same idea, like Barclays with its Family Springboard mortgage.

Various government offers such as Help to Buy loans, Starter Homes and Shared ownership increase the home buying options also.

Read more: Nationwide launches mortgage aimed at parents helping their … – The Sun