Some parents help first time buyers onto the property ladder by helping them with their deposit.

Parents can be even more involved than this though, as a number of mortgage deals also take into account parental income as well as the child's income, as long as they can still cover their own mortgage
In some ways this is a sad state of play and shows just how out of line wages have become from property prices.

To avoid tax complications the parents are not listed as owners, but they are liable for the repayments and arrears. It is also possible for parents to guarantee just the extra portion of the mortgage above the amount covered by their child's income, or to undertake to cover repayments should their child default.

Parents can also help their children without surrendering their cash. There are a number of offset mortgages which will use parental savings to reduce the child's mortgage, while still allowing access to the cash if necessary.

Another option is to buy a property with a friend and there are now a number of lenders who will allow up to 4 people to get a joint mortgage together.

You do need to think about consequences of this scenario, such as one of you losing their job or if someone wanted to sell their share.

This type of mortgage is not one to be taken lightly and it is advisable to get specialist legal and mortgage advice if you are considering it.