“There is a lot of positivity surrounding the mortgage market at the moment and all the signs are that a recovery is starting to gather momentum,” says Martyn Smith, head of mortgages at Legal & General Network.

“However, there are still people that are finding it difficult to meet the criteria for ‘conventional’ mortgage products. That said, for those people relying on external help or not able to secure funding in the normal way there are innovative and interesting products on the market. Below is a selection of 5 that might help frustrated first-time buyers or prospective buy-to-let investors.”

Woolwich – Family Springboard Mortgage

“Woolwich Family Springboard Mortgage helps first time buyers get their first step on the property ladder. A ‘Helper’, or family member, opens a ‘Helpful Start Account’ linked to the mortgage and puts in 10% of the purchase price for 3 years. Homebuyer only requires a minimum 5% deposit. Provided mortgage payments are kept up to date, the Helper gets their money back with interest. It is currently available on 3.99% 3 year fixed plus £499 fee, a good rate in comparison to normal 95% rates of over 5%, which are few and far between.”

Leeds BS – Welcome Mortgage

“Available up to 90% LTV, the Leeds Welcome Mortgage provides an option of paying 0% for the first 3 or 6 months. The overall cost is generally comparable to other products from Leeds. It allows the borrower a bit of breathing space once they have moved in, whether they need to buy new furniture, decorate, or make other improvements. The remaining monthly payments are at a fixed rate for up to 3 or 5 years.”

Coventry BS – Step Up

“Coventry has released a mortgage that enables parents to support children when they buy their first home. The Step Up mortgage is available to first time buyers, and those needing help following divorce or separation. The loan is calculated by taking first time buyer’s income, plus that of one other, a parent, guardian or close relative. Effectively, it allows the first time buyer to borrow up to 7 times their income up to a maximum £250,000 loan – and 90% LTV. Both parties join the transaction as property owner and mortgagor, rather than acting as a guarantor.”

Clydesdale Bank – Low Start Mortgage

“The Clydesdale Bank Low Start Mortgage offers an interest only option fixed for an initial 3 pear period, up to 80% LTV. The rate then reverts to Clydesdale Bank Standard Variable Rate on a capital and interest basis for the remainder of the mortgage term. Borrowers get affordability assessed on a capital interest basis. It is designed to help those borrowers needing to keep repayments low for an initial period or someone in a recognised professional occupation whose income is likely to increase over the next few years.”

Precise Mortgages – Bridge to Let

“Available to property investors, The Precise Bridge to Let mortgage means landlords can carry out refurbishment works before letting the property. It allows the investor to buy the property and undertake the required works and then transfer to one of Precise Mortgages selected Buy-to-Let products. The customer can borrow up to 75% of the post works valuation allowing them to release working capital or equity. The transfer is allowed after just 4 months, rather than 12 which most lenders look for, thus reducing costs associated with bridging and providing certainty around the exit. Borrowers are not obliged to take the Precise Buy-to-Let product if another lender offers a better alternative.”