What is the Family Springboard Mortgage?
Well, the mortgage is offered by Barclays Bank and it’s designed to help those looking to buy their own home and get onto the property market when they have little or no deposit to put down. The Springboard Mortgage works in conjunction with a third party (perhaps a friend, family member or such) who is required to lodge a capital sum equivalent to 10% of the purchase price of the property into a ‘Helpful Start Account’.
The cash introduced to the account attracts interest for the ‘helper’. The capital is tied up for 5 years. In effect, it is additional security against the mortgage. The balance in the Helpful Start Account would attract interest, currently at 1.61% AER. This is a relatively attractive return when compared to savings accounts.
The buyer may also introduce their own deposit of up to 5% of the property’s purchase price. There is no need to put down a deposit if the cash introduced to the Helper’s Account is sufficient. The maximum loan is £500,000.
As the homeowner, you continue to own the home yourself, subject to the mortgage, and in 5 years the ‘helper’ receives their capital sum back, plus interest, as long as the borrower has not missed payments or otherwise breached the terms of the agreement.
For more information please contact us on 01628 507477.
Recent posts
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
Lloyds boost lending for first-time buyers
4 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
Ways to save money over the summer holiday
13 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
Increase in zero-deposit mortgages in 2024
18 Jun 2025
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
More information
Trusted by
