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  • FIRST POST
    • Willprice92
    • By Willprice92 15th Sep 17, 3:22 PM
    • 3Posts
    • 0Thanks
    Willprice92
    Springboard Mortgage HELP?!?!
    • #1
    • 15th Sep 17, 3:22 PM
    Springboard Mortgage HELP?!?! 15th Sep 17 at 3:22 PM
    Hi!

    My name is Will, I am a 24 year old looking to relocate myself out of London to Leicester and to get myself on the property ladder.

    My Dad has offered to help me by doing the 'sprngboard mortgage' but has tasked me to find out all the information. Its easy to say I am lost past the core info available on Barclays website.

    Has anyone else had this mortgage and can advise on the 'time line of progression' and how it works?

    I understand they don't issue a AIP so how would I get the ball rolling? Do I need a property in mind?

    I am relocating due to redundancy and a TUPE transfer and having to deal with an onslaught of new info about my job change and also learning parts of a new city to live my brain is beyond frazzled.

    Any help and anyone who can shed any light with be repaid with my never ending affections.

    Thank you
    a desperately confused Will.
Page 1
    • amnblog
    • By amnblog 15th Sep 17, 4:18 PM
    • 10,000 Posts
    • 3,893 Thanks
    amnblog
    • #2
    • 15th Sep 17, 4:18 PM
    • #2
    • 15th Sep 17, 4:18 PM
    You apply for mortgage

    Dad puts 10% of the purchase price on deposit with Barclays .

    Dad needs to prove he has had independent advice on this.

    You keep the mortgage 3 years, Dad can take his cash back.

    You don't pay, it comes out of Dad's cash.

    That's it in a nutshell.

    Use a Broker for guidance throughout the process.
    Last edited by amnblog; 15-09-2017 at 4:31 PM.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • dimbo61
    • By dimbo61 15th Sep 17, 4:53 PM
    • 9,535 Posts
    • 5,162 Thanks
    dimbo61
    • #3
    • 15th Sep 17, 4:53 PM
    • #3
    • 15th Sep 17, 4:53 PM
    If moving to a new area why not rent for 6/12 months to find out where you want to live before jumping in with both feet
    • Willprice92
    • By Willprice92 15th Sep 17, 6:16 PM
    • 3 Posts
    • 0 Thanks
    Willprice92
    • #4
    • 15th Sep 17, 6:16 PM
    • #4
    • 15th Sep 17, 6:16 PM
    Thanks! Is the broker necessary?

    The legal advice Ian the part where the confusion comes what does my Dad & I need to do there?
    • Willprice92
    • By Willprice92 15th Sep 17, 6:18 PM
    • 3 Posts
    • 0 Thanks
    Willprice92
    • #5
    • 15th Sep 17, 6:18 PM
    • #5
    • 15th Sep 17, 6:18 PM
    Because I only have 6 months to make use of the relocation package they are offering me including paying for legal fees and removal services and storage services!! Already been to the area and have a few places in mind!!
    • Mells2011
    • By Mells2011 29th Sep 17, 2:16 PM
    • 1 Posts
    • 0 Thanks
    Mells2011
    • #6
    • 29th Sep 17, 2:16 PM
    • #6
    • 29th Sep 17, 2:16 PM
    Can I still use my help to buy isa and bonus if I get the 100% springboard mortgage??
    • fewcloudy
    • By fewcloudy 29th Sep 17, 3:58 PM
    • 168 Posts
    • 80 Thanks
    fewcloudy
    • #7
    • 29th Sep 17, 3:58 PM
    • #7
    • 29th Sep 17, 3:58 PM
    Thanks! Is the broker necessary?
    Originally posted by Willprice92
    Clearly, yes. You are starting from a low level of knowledge on this subject (you more or less say so yourself), you need to act relatively quickly, and you are asking about a product that is a bit different than the norm. Why would you not get help from someone who does this for a living? No brainer...

    fc
    Feb 2008, 20year tracker with Sprogget and Sylvester, 0.5% + base for 2 years, then 0.99% + base for life of mortgage. Kudos to my mortgage broker...
    • kingstreet
    • By kingstreet 29th Sep 17, 4:04 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    • #8
    • 29th Sep 17, 4:04 PM
    • #8
    • 29th Sep 17, 4:04 PM
    From a broker, you'll also get information on other similar schemes out there and not be stuck with Barclays alone.
    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.
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