Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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
    • 9,746 Posts
    • 3,762 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
    • 9,456 Posts
    • 5,124 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!!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,363Posts Today

6,930Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin