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    • Garymand
    • By Garymand 2nd Jan 17, 11:51 AM
    • 9Posts
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    Garymand
    Family springboard mortgage
    • #1
    • 2nd Jan 17, 11:51 AM
    Family springboard mortgage 2nd Jan 17 at 11:51 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
    • Pixie5740
    • By Pixie5740 2nd Jan 17, 11:53 AM
    • 11,321 Posts
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    Pixie5740
    • #2
    • 2nd Jan 17, 11:53 AM
    • #2
    • 2nd Jan 17, 11:53 AM
    Barclays will have a panel of approved solicitors since it's likely that you will have a solicitor that acts for both you and Barclays unless you want to shell out for two sets of solicitors fees. You would like to think that a lender on Barclays' panel would know about Barclays' range of mortgage products.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • G_M
    • By G_M 2nd Jan 17, 11:54 AM
    • 42,718 Posts
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    G_M
    • #3
    • 2nd Jan 17, 11:54 AM
    • #3
    • 2nd Jan 17, 11:54 AM
    http://www.barclays.co.uk/mortgages/family-springboard-mortgage

    As long as the solicitor is on Barclays' panel, why does he need to know the in & outs of the mortgage product?

    But if in doubt, get a list of solicitors on their panel from Barclays, find several local ones, and ring/visit them.
    • eddddy
    • By eddddy 2nd Jan 17, 12:45 PM
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    eddddy
    • #4
    • 2nd Jan 17, 12:45 PM
    • #4
    • 2nd Jan 17, 12:45 PM
    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.
    Originally posted by Garymand
    So presumably it wasn't a Barclays financial advisor that said this.

    Was it a financial advisor whose services/products would be competing with Barclays products?

    As first time buyers, you might find that people say things which are 'slightly misleading' to try to persuade you to buy their products/services etc. - instead of using somebody else's
    • Garymand
    • By Garymand 17th Jan 17, 10:57 AM
    • 9 Posts
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    Garymand
    • #5
    • 17th Jan 17, 10:57 AM
    • #5
    • 17th Jan 17, 10:57 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 for 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!
    • eddddy
    • By eddddy 17th Jan 17, 11:38 AM
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    eddddy
    • #6
    • 17th Jan 17, 11:38 AM
    • #6
    • 17th Jan 17, 11:38 AM
    Generally, it's a bad idea to use a Solicitor who the EA refers you to - there is often a large hidden fee.


    For the purchase, it's generally better to use a solicitor on Barclay's Panel (i.e. one that's approved by Barclays), then you and Barclays can use the same solicitor. That's likely to be cheaper and more efficient.



    I see that Barclays insist that your sister take independent legal advice.... http://www.barclays.co.uk/mortgages/family-springboard-mortgage

    As Barcalay's suggest, you could find one legal firm with two solicitors - one to do the conveyancing and the other to advise your sister. Again, it's likely to be cheaper and more efficient.
    • Garymand
    • By Garymand 25th Jan 17, 8:07 PM
    • 9 Posts
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    Garymand
    • #7
    • 25th Jan 17, 8:07 PM
    • #7
    • 25th Jan 17, 8:07 PM
    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.
    • Elfbert
    • By Elfbert 25th Jan 17, 9:22 PM
    • 533 Posts
    • 674 Thanks
    Elfbert
    • #8
    • 25th Jan 17, 9:22 PM
    • #8
    • 25th Jan 17, 9:22 PM
    It's usually cheaper to get your survey done by whoever is doing the survey for Barclays.
    Mortgage - £68,000 may 2014 45,680.
    • busybee100
    • By busybee100 25th Jan 17, 9:33 PM
    • 1,138 Posts
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    busybee100
    • #9
    • 25th Jan 17, 9:33 PM
    • #9
    • 25th Jan 17, 9:33 PM
    Search Enact springboard mortgage pdf

    They charge £154 to give the independent legal advice needed for the helper to be accepted.

    Good luck with the mortgage. I don't think they can process many so it's a bit hit and miss with coordinating everyone.

    • Garymand
    • By Garymand 27th Jan 17, 9:23 PM
    • 9 Posts
    • 7 Thanks
    Garymand
    You can get the surveys done by the same person? Why don't barclays tell you that!

    That sounds good about the legal advice. Again I don't know why Barclays don't tell you this and just let you fumble your way through
    • Stacey203
    • By Stacey203 7th May 17, 2:31 PM
    • 3 Posts
    • 2 Thanks
    Stacey203
    How did you get on?
    My MIL has just told us about this type of mortgage and has said she will put her savings in so we can get this mortgage type so was just wondering how yours has been? Did it complete? Was it easy to apply?
    Thanks in advance,
    Stacey
    • bouicca21
    • By bouicca21 7th May 17, 2:42 PM
    • 3,359 Posts
    • 4,339 Thanks
    bouicca21
    Does this sort of mortgage arrangement still work if the buyer has a deposit but it's not big enough so family will top it up?
    • dimbo61
    • By dimbo61 7th May 17, 7:09 PM
    • 9,642 Posts
    • 5,206 Thanks
    dimbo61
    If you read the Barclays website it talks about 100% and 95% springboard mortgages with a slightly higher rate 2.99% for the 100% Mortgage and 2.79% for the 95% Mortgage fixed for 3 years.
    The family member has to take legal advice and understand that they are putting 10% of the purchase price into a savings account which pays 1.75% for a full 3 years.
    The money is at risk if you do not pay the mortgage every month
    • reidy10
    • By reidy10 20th Oct 17, 1:30 PM
    • 1 Posts
    • 0 Thanks
    reidy10
    How did you get on???
    Hi Gary,

    How did you get on? did you manage to complete? I am in the same boat as you were, and thinking about use the Springboard Mortgage with help from my Dad, he thinks the solicitors is an unnecessary expense but I believe it is a requirement to setup the helpful start account. Anymore info or potential problems you encountered would be greatly appreciated?

    Thanks

    Reidy
    • kingstreet
    • By kingstreet 20th Oct 17, 4:14 PM
    • 32,586 Posts
    • 17,540 Thanks
    kingstreet
    Last activity was 27/01/2017 so don't hold your breath!
    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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Garymand
    • By Garymand 9th Jan 18, 9:26 PM
    • 9 Posts
    • 7 Thanks
    Garymand
    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) as her legal bod 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. it cost us £50 more in solicitors fees but that's the only added extra we have had to pay. My sister had to pay £150 to enact but we have said that we will pay them fees, as she is doing us a massive favour.

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

    I would definitely recommend using this mortgage. I was expecting all sorts of complications but in the grand scheme of things it all went through ok.

    My only advice is keep on at the bank and at the solicitors as they don't tend to rush.
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