The mortgage lender is introducing this initiative at the same time as it published research revealing the average age of a first-time buyer in the UK reached 34 last year.
Just two years ago the typical age was 31, highlighting the scale of the affordability challenges facing first-time buyers.
And it also demonstrates the need for product features such as Barclays Boost to help first-time buyers take their first step on the property ladder.
So, how does it work?
Boost is aimed at people whose income does not stretch to meet the eligibility required to buy a home.
For example, if the first-time buyer in question earned £37,500 a year and had a deposit of £30,000 the maximum they could borrow would be £168,375.
However, if they took advantage of the Mortgage Boost, along with support from a parent who also had an income of £37,500, they could borrow a total of £270,000 to purchase a home worth up to £300,000.
The person helping, let’s say it’s a parent, will join the mortgage application as named party, but they will not own the property or be named on the title deeds.
Their income would be used simply to increase the amount which can be borrowed under the mortgage.
However, if the buyer defaults on the mortgage, the parent would also be liable. As such they will be subject to full credit checks and they must also seek independent legal advice to ensure they understand the impact the mortgage could have on their own finances.
Sian McIntyre, managing director of Life Moments at Barclays, said: “Buying a first home is a hugely important step in life and one that has unfortunately become tougher for many in recent years.
“We know people feel like they have to make huge compromises in order to save for a large deposit, and that family may want to help but cannot afford to.
“Mortgage Boost can help answer these challenges, supporting people to buy their first home earlier and without giving up on their other dreams.”
Mortgage Boost is available to both first-time buyers and existing homeowners and can be used across all Barclays standard residential products, so applicants have access to new purchase and remortgage rates offered. It can also be used to apply for buy-to-let mortgages.
Mortgage Boost cannot be used alongside other special products or schemes, including Family Springboard, Right to Buy, First Home Fund, Help to Buy Equity or Mortgage Guarantee Scheme.
You can find out more about mortgages aimed at first-time buyers here.
