EBS Building Society has introduced a new mortgage aimed specifically at those parents looking to help their children on to the first step of the housing ladder.

Familyfirst is aimed at homebuyers able to afford the mortgage repayments but struggling to put together the initial deposit on the property.

The mortgage allows parents to borrow against the value of their own home to raise a deposit for their children or cover other expenses involved in buying their first home.

Parents with existing mortgages would have to move those loans to EBS to avail of the offer but the building society has said it will pay the legal and other costs involved in such a switch.

Parents without mortgages can either take out an EBS mortgage or use an equitable deposit, which is more akin to a standard loan secured on their property.

The parental loans are standard repayment loans. Interest is charged at the new business rate in the first year - currently 3.4-3.6 per cent - and the standard variable rate, currently 4.1 per cent, thereafter. Repayments can be deferred for an initial three-year period.