Barclays is resurrecting a risky mortgage product that was killed off after the credit crisis

Barclays just resurrected a type of mortgage product that was killed off after the credit crisis - 100% mortgages.

This is a big deal because part of the reason for why the global financial system went into meltdown was because people who could afford their homes, defaulted on their payments, and led to a ripple effect across the markets.

The greater amount of debt someone takes on, the bigger risk they are.

Buyers with 100% or more on their mortgages were the greatest risk because they took on a huge amount of debt that needs to be paid back in usually 25 to 30 years.

Usually people need to stump up a deposit of anywhere between 5% to 10% of the asking price of a property before a bank will grant you a mortgage.

Even 95% mortgages were struck from the market but now they've made a comeback:

However Barclays said in a statement to the media, including The Sun and The Guardian, it is now the first high street bank to re-launch the 100% mortgage - which was previously thought to be dead and buried - under its "Family Springboard Mortgage" branding.

It's the latest sign that banks are taking more risks in lending again and arguably this could be a timebomb waiting to go off.

Business Insider has repeatedly written about how Britain's property prices are skyrocketing but household earnings and savings can't keep up.

Couple this with the amount of debt Britons are taking on and it looks like the UK's property market is heading for a crash.

Why? - Because getting a mortgage is possibly the most debt you'll take on in one go and rates can't stay low forever. Eventually they'll rise and so will monthly payments.

If household wages fail to keep pace as payments rise, they'll be stretched further and further. 100% mortgages is a sign of the huge amount of debt people are willing to take on.

The average price to buy a house in Britain now stands at £291,504, according to the Office for National Statistics. Meanwhile, the average London property price is at a huge £551,00o.