"After reviewing it I believe it is a competitive deal providing another specialist solution for struggling FTBs, eager to buy their first home. As long as borrowers approach it with their eyes wide open and take a long-term view, it could prove an appropriate answer for many.
"It is always important to take a balanced view of this type of mortgage which helps borrowers afford a property they wouldn't otherwise be able to afford. Providers have a fine line to tread.
"On one hand, they don't want to be seen to encourage FTBs to take on a large amount of debt, in case they hit problems later on if rates start to rise. However, on the other, the reality is that many FTBs clearly need help, in the form of specialist products, to get on the ladder. Those who have held off buying a property over recent years have lost out on a strong growth market and now find themselves even further away from being able to make that first step. Seen in this light, and advised appropriately, this specialist scheme should be welcomed.
"This is another of the innovative solutions devised by the mortgage industry to help frustrated first time buyers. Others include our own Rent-a-room and Step Ladder mortgages."
