Many young people are still living at home or struggling to pay expensive rent whilst saving to get a place of their own.

The average property price in the UK is £218,255 which means for most, they need to source a large deposit to keep their monthly costs manageable.

Marsden Building Society’s Family Step Mortgage allows family members to secure their savings or property to allow the borrower/family member access to a mortgage without a deposit with lower monthly payments.

The Family Step mortgage offers an opportunity to reduce the time you spend in rented accommodation or living at home saving for a deposit. The product is said to be ideal if you:

• Have no deposit or just a little bit saved.
• Are looking for a competitive mortgage rate
• Have family members with savings or a property (with the mortgage paid off) who are willing to help.
• Are looking for a flexible way to purchase your next or first home.
• The Family Step Mortgage allows a ‘family supporter’ to secure the borrower up to a 100% mortgage with full ownership of the property at a lower rate of interest.

They can do this by one of two ways; the family supporter either opens a ‘family step savings account’ for up to 20% of the property purchase price or they secure up to 20% of the loan size using the borrowers property purchase price. The charge will be released when the mortgage amount is less than or equal to 80% of the purchase value or after 10 years if the loan completion was 95% or less.

Is this one of many new mortgage products lenders will be bringing to the market to help the so called 'generation rent'.