Barclays Unveils Mortgage 'Boost' For First Time Buyers

• Barclays has launched the ‘Mortgage Boost’ scheme to help first-time buyers borrow more.
• Friends or family can 'boost' a mortgage by adding their income—without gifting cash.
• However, they’ll be jointly liable for repayments, which has long-term financial risks.
• Some experts warn it could push up house prices, making homes even less affordable.

Getting on the property ladder just got a little easier—if you’ve got family or friends willing to help. Barclays has launched its ‘Mortgage Boost’ scheme, allowing first-time buyers to borrow more by using a loved one’s income to increase affordability. But while it sounds like a lifeline for struggling buyers, there are some important catches to consider.

As reported by The Mirror, the scheme doesn’t require family or friends to gift cash or put down a bigger deposit. Instead, they effectively act as a guarantor, increasing the buyer’s borrowing power while remaining jointly liable for repayments. Barclays gave an example where someone earning £37,500 with a £30,000 deposit could usually buy a £198,375 home—but with a parent earning the same, that could jump to £300,000.

Sian McIntyre, Managing Director at Barclays, said: “We know people feel like they have to make huge compromises to save for a deposit. Mortgage Boost can help answer these challenges.”

However, mortgage expert Funmi Olufunwa warns that this scheme is only an option for those with financially stable family or friends. She also pointed out that adding extra borrowing power could push up house prices overall, making things harder for those without support.

Would you consider using this scheme, or do you think it could make homes even pricier?