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
Autumn Budget 2025 Predictions: Mortgage Market
16 days ago
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
Landlords could face a new tax this autumn
19 days ago
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More than a quarter of UK adults in long-term relationships (26%) have reported that despite living together, they keep their finances separate from one another.
There has been a rise in both rent and mortgage costs over the last three years, with renters seeing a greater increase in their monthly payments than those with a mortgaged property.
Delayed Start Mortgages
6 Aug 2025
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments. This product has been designed to help soften the blow of moving in costs for first time buyers.
Green Mortgages | Rewards and Benefits
4 Aug 2025
Mortgage lenders are starting to recognise their “Green” responsibilities when it comes to the different products they offer.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
More information
Trusted by
