London, England -- (SBWIRE) -- 05/24/2016 -- Barclays have launched a new 100% mortgage in a cold move for the first time since the financial crisis of 2008. The new mortgage is designed to assist first time buyers who are struggling to save a deposit to encourage more people onto the property ladder. Barclays have additionally increased the amount they are willing to lend for first time buyers who earn in excess of £50,000, reports have emerged.
In place of a deposit, the scheme requires first time buyers to find a helper to inject a 10% deposit into a Barclays account specifically designated for the mortgage which is to be returned with interest following a healthy repayment history.
The mortgage scheme has come under fire from critics who claim that for most people, the scheme will only work if they have wealthy parents who can front the deposit. Many couples simply don't have that luxury and would be excluded from the scheme in the absence of the 10% fee.
A spokesperson for Elephant Removals commented "Whilst it is great to see that more is being done to help people to get onto the property ladder, the scheme doesn't really help everyone. Without having the deposit, many first time buyers will not be able to benefit from the mortgage. More should be done to make mortgages accessible to the poorer people in society who can easily afford monthly repayments but not lump sum deposits."
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Company name: Elephant Removals Ltd
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Contact person: David Harris
Address: 53 Wandle Way London SW18 4UJ