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  • FIRST POST
    • Garymand
    • By Garymand 2nd Jan 17, 11:49 AM
    • 9Posts
    • 7Thanks
    Garymand
    Family springboard mortgage
    • #1
    • 2nd Jan 17, 11:49 AM
    Family springboard mortgage 2nd Jan 17 at 11:49 AM
    Hi. We are first time buyers and my sister has agreed to put down the 10% deposit needed for the family springboard mortgage. I'm just a bit concerned as a financial advisor told me that I would struggle to find a solicitor who knows anything about this mortgage from Barclay's. Has anyone had any success getting this mortgage or do you have any tips on getting solicitors in place before we find a property? Thanks
Page 1
    • ACG
    • By ACG 2nd Jan 17, 12:20 PM
    • 16,110 Posts
    • 8,286 Thanks
    ACG
    • #2
    • 2nd Jan 17, 12:20 PM
    • #2
    • 2nd Jan 17, 12:20 PM
    Call a couple of solicitors, I am sure you will be fine finding a solicitor.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Garymand
    • By Garymand 17th Jan 17, 11:01 AM
    • 9 Posts
    • 7 Thanks
    Garymand
    • #3
    • 17th Jan 17, 11:01 AM
    • #3
    • 17th Jan 17, 11:01 AM
    Just wanted to keep you updated, we have had an offer accepted over the weekend and I am currently waiting for barclays to call me back. The estate agent have given me a quote for £1350 for their solicitor fees which I have no idea is good or bad. I'm hoping that's bad as it's my understanding that using this mortgage we need 3 solicitors involved, 1 or me, 1 for the bank and 1 for my sister who is putting the deposit down. I didn't think buying a house would be this confusing!
    • lewishardwick
    • By lewishardwick 17th Jan 17, 11:04 AM
    • 509 Posts
    • 622 Thanks
    lewishardwick
    • #4
    • 17th Jan 17, 11:04 AM
    • #4
    • 17th Jan 17, 11:04 AM
    Check what that fee covers and also, most people will recommend avoiding solicitors recommended by estate agents.

    My Solicitor charged £790, plus searches and stamp duty etc.
    • ThePants999
    • By ThePants999 17th Jan 17, 11:16 AM
    • 976 Posts
    • 1,135 Thanks
    ThePants999
    • #5
    • 17th Jan 17, 11:16 AM
    • #5
    • 17th Jan 17, 11:16 AM
    +1 on avoid using the estate agent's recommended solicitors.

    You're right that the bank need to be represented by a solicitor, but if you use a firm that's on the bank's panel for your own conveyancing, they'll typically handle the bank's interests as well for a small extra fee (or no extra fee if the mortgage product includes "free legals"). I'm surprised to hear that your sister would need a solicitor - my understanding of the springboard product is that she'd just have to lodge the money with Barclays for (at least) 3 years, doesn't sound like the sort of thing that would need a solicitor.
    • ACG
    • By ACG 17th Jan 17, 11:18 AM
    • 16,110 Posts
    • 8,286 Thanks
    ACG
    • #6
    • 17th Jan 17, 11:18 AM
    • #6
    • 17th Jan 17, 11:18 AM
    £800 Plus searches seems on the hgh side.

    The firm I use charges about £600 + searches and stamp duty.
    But if £1300 includes the searches then its not TOO bad, I would be 99% sure there is probably a £100-200 kick back to the agents built in there somewhere. Ask the agents/solicitor how much of the £1300 they are getting.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Garymand
    • By Garymand 25th Jan 17, 8:03 PM
    • 9 Posts
    • 7 Thanks
    Garymand
    • #7
    • 25th Jan 17, 8:03 PM
    • #7
    • 25th Jan 17, 8:03 PM
    Hi

    Just to keep you posted where we are at. I've gone with a local solicitors and their standard fees are £720 and that includes the usual searches. They haven't processed a springboard mortgage yet but think that with the extra paperwork for my sister putting the deposit down it will be a further £50 on top.

    My sister does need legal advice, this can be with the same solicitors firm as me but a different solicitor. We don't know how much this will cost but Barclay's think it's a couple of trips to the solicitors so shouldn't be that much.

    Still need to organise someone to do my homebuyers report / survey but I think I've found someone local who is charging £400 (or £525 for a full structural survey).

    Barclay's don't seem to be rushing to get the paperwork completed considering I'm asking for 90k but I'll keep on at them.
    • busybee100
    • By busybee100 25th Jan 17, 10:29 PM
    • 1,138 Posts
    • 2,426 Thanks
    busybee100
    • #8
    • 25th Jan 17, 10:29 PM
    • #8
    • 25th Jan 17, 10:29 PM
    Hi I've posted on your other thread.
    Barclays have an in house team called Enact who can give the legal advice to the helper for £154. Search Enact springboard pdf

    http://forums.moneysavingexpert.com/showpost.php?p=71990471&postcount=9

    • Mr.Smith01
    • By Mr.Smith01 26th Mar 17, 5:01 PM
    • 1 Posts
    • 1 Thanks
    Mr.Smith01
    • #9
    • 26th Mar 17, 5:01 PM
    • #9
    • 26th Mar 17, 5:01 PM
    The independent legal advice is needed by Barclays to show the "helper" is fully aware that the funds will be locked away in the helpful start account for 3 years and cannot be accessed and that the helper wouldn't own any part of the property. Furthermore, if after 3 years there's arrears on the Mortgage Account then the funds will be held on to by Barclays until the account is brought back up to date and remains in the black for at least 12 months.

    This legal advice is more for Barclays protection in the possible future eventuality that a "helper" wishes to access the funds within the first 3 years, complains that Barclays are holding on to the funds if there's arrears on the Mortgage Account or if the "helper" tries to lay claim to any part of the property.

    I know this because I work for Barclays in the Mortgage department.
    • busybee100
    • By busybee100 26th Mar 17, 5:09 PM
    • 1,138 Posts
    • 2,426 Thanks
    busybee100
    Hello Mr Smith
    If there are two helpers, one from each family, how will Barclays ensure the funds are returned to the correct helper?

    • minimike2
    • By minimike2 26th Mar 17, 7:01 PM
    • 1,918 Posts
    • 1,416 Thanks
    minimike2
    I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • silvercar
    • By silvercar 26th Mar 17, 9:05 PM
    • 36,397 Posts
    • 153,867 Thanks
    silvercar
    I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......
    Originally posted by minimike2
    I'm reading it that mr.smith is posting as an individual, imparting information he knows because of his job. he is not touting for business for his company or claiming to represent the company in an official capacity.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of moneysavingexpert.com.
    • Neutrinno
    • By Neutrinno 27th Mar 17, 12:13 PM
    • 157 Posts
    • 71 Thanks
    Neutrinno
    I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......
    Originally posted by minimike2
    Give him a break, he's trying to help someone. He's not saying anything detrimental to his employer or looking for business, just posting useful facts... Kinda what this forum is for..
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • rcgood
    • By rcgood 19th Nov 17, 3:14 PM
    • 30 Posts
    • 8 Thanks
    rcgood
    Family Springboard Mortgage helper
    Is this scheme at Barclays still a viable option for a first time buyer with limited deposit
    • dimbo61
    • By dimbo61 19th Nov 17, 9:44 PM
    • 9,644 Posts
    • 5,207 Thanks
    dimbo61
    They still have it on the website !
    Why not read the info
    • Garymand
    • By Garymand 9th Jan 18, 9:14 PM
    • 9 Posts
    • 7 Thanks
    Garymand
    Update
    Just thought I would pop back on and give an update.

    We are now homeowners thanks to my sister putting down the deposit.

    It was actually quite straightforward in the end (as straightforward as buying a house can be). My sister used enact (through Barclay's) and that went smoothly.

    Our solicitor had never heard of this mortgage but the bank sent them all of the information so caused us no complications.

    My sister will get her money back in 3 years, plus 3%. This is as long as we don't default on the mortgage.

    I would definitely recommend using this mortgage.
    • silvercar
    • By silvercar 10th Jan 18, 9:26 AM
    • 36,397 Posts
    • 153,867 Thanks
    silvercar
    Thanks for reporting back. Great that it all work out.
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