Family and friends can now help you to buy your first home with the Barclays Springboard Mortgage

The Springboard Mortgage acts as a Guarantor Mortgage scheme and unlike other schemes of the same sort they allow a family member,friend or a loved one to help you save for your first home.

How it works?

The main works of the scheme is that a friend or family member (also known as the Helper) places a 10% deposit into a Barclays Helpful Start account for 5 years. This account is free of charge with an attractive rate of interest for the agreed term and is used as security for the bank. The Home Buyer can then get a mortgage anywhere up to 100% of the property value without putting any money down as a deposit themselves and will own the property themselves.

Once the 5 year period is up the mortgage continues and the funds held in the Helpful Start Account is released and return to the Helper with the interest they have accrued added.

Is the Family Springboard Mortgage right for me?

If you are stuggling to save the deposit for your first home and have family, friends or a loved one who has savings they are willing to hold in an account for you for 5 years then this is  great option for you to get yourself on the property value and owning your first home. You should make the Helper aware than if you default on any mortgage payments they may not get their money back at the end of the 5 years.

If you think the Family Springboard Mortgage could help you, give one of our brokers a call today!