Barclays have re-launched their ‘Family Spring Board Mortgage’ which effectively allows borrowers access to 100% mortgages.
The actual mortgage works in the usual way, but Barclays require a family member (or another generous soul) to deposit 10% of the property price into a Barclay’s savings account and leave it there for 3 years.
Not only is the mortgage on an extremely competitive rate at 2.99% (APR) fixed for 3 years, but the depositor receives interest at 1.5% above the Bank of England base rate – which at 2% is also pretty generous.
This innovative style of mortgage helps overcome 3 issues faced by “The Bank of Mum and Dad,” whose only other option is to “gift” the money over, and never see it again:
- Family members are able to recycle the deposit for siblings as it is released after 3 years and not tied into the property.
- The donor does not go on the mortgage at all, so their credit is not affected in any way
- As the money is not tied into the property it still belongs to the family members no matter what happens to relationships. This is handy if couples split up, and suddenly the money parents have put into properties has to be split with the “ex.”
Once the 3 years are up, the clever people at Barclays have estimated that the property will have increased in value enough for borrowers to remortgage on to an 85% product – another bonus! Assuming the mortgage is up to date at the end of year 3, the family member simply walks away from the arrangement.
I know there has been some bad press around this product, 100% mortgages are still seen as risky – but personally I like it. It ticks boxes and Barclays risk is only really 90%.
For information on this or any other mortgage, please call us on 01628 507 477.
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