Barclays Springboard Mortgage question

purplevamp

I'm hoping someone could help me with a query I have about the Barclays springbord mortgage.

The following figures are rounded up to make it easier to explain!!

If we saw a house for £200K but the mortgage we could get would only be £150K due to wages, would Barclays lend us more because of the £20K springboard savings from parents? We would have enough deposit to make it up to the full £200K, more than the asked for 5% deposit. Or would they only lend us £150K no matter what? My husband has a Barclays current account if that makes any difference.

I hope it makes sense as I know what I want to say but getting it out into words seems harder

lee111s

They'd only lend you what they deem affordable.

ACG

Barclays will lend you what you can afford (according to their calculations).
Your parents or anyone really can put 10% in a savings account for 3 years. You can put upto 9.9% down as a deposit.

Which would mean you would need a mortgage of marginally over £160k.

The amount they will lend wouldnt change.

purplevamp

Thanks for the replies. That's what I thought. I was hoping I was wrong . Well I guess we just need to save up a little bit longer.