Yes, it is permissible to bath with your wife in this manner.
It is reported that Rasulullah (Sallallaahu Alayhi Wasallam) also had a bath with Aaisha (Radhiallaahu Anhu) ? although this was without them looking at each other?s Satr.
and Allah Ta'ala Knows Best
Mufti Muhammad Kadwa
CHECKED AND APPROVED: Mufti Ebrahim Desai