More homeowners and first-time buyers than ever need the Bank of Mum and Dad for home deposits.

It is launching with a five-year fixed rate mortgage and will be available to applicants on Visas.

The lender has also reduced rates across the range.

High living costs are impacting parents’ ability to help fund their children’s deposit, impacting three out of five (59%) first-time buyers.

Research estimates the average salary needed to buy a house in the UK is over £59,000.

1 in 10 found the process too daunting to apply or didn’t know enough about it.

Nationwide is also the first major lender to offer a sub-5% rate on its standard range to those with a 5% deposit.

42% of all homes bought by buyers under 55 years old received support from the ‘Bank of Family’.