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.
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