Some lenders are prepared to offer first-time buyers 95 per cent loans provided their parents tie up money in a savings account as security.

What I particularly like about this product is that parents are not gifting cash to their child. They retain ownership of their money, which is useful when they can’t afford to gift a large sum but are prepared to lock it away temporarily.  It’s also ideal where there are two children and so the cash can help the first child and then a few years later the other.’

There are also other innovative schemes on the market including a guarantor mortgage where the guarantee from the family member is limited to the amount the offspring cannot afford rather than the whole mortgage.  The same lender also allows for a second charge to be placed on the property where cash is being provided for the deposit.  This solution can be very effective where your son or daughter is buying with a partner and the parent wants to protect their savings in case the couple later separate.