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Barclays Family Springboard on a new build
viperkid89
Posts: 6 Forumite
Hi,
I'm just wondering if anyone has done the Barclays family springboard mortgage on a new build? The mortgage advisor in my local branch believes you can, however reading on the Woolwich website it states that the mortgage can't be used on a new build but the Barclays site just says it can't be used with the new buy scheme (which we don't want). Any clarification would be great as even the online help for Barclays don't seem to know.
Thanks.
I'm just wondering if anyone has done the Barclays family springboard mortgage on a new build? The mortgage advisor in my local branch believes you can, however reading on the Woolwich website it states that the mortgage can't be used on a new build but the Barclays site just says it can't be used with the new buy scheme (which we don't want). Any clarification would be great as even the online help for Barclays don't seem to know.
Thanks.
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Comments
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You can only use Springboard for existing properties.
I am surprised the Barclays Mortgage Adviser does not know that.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.0 -
My parents (the helpers if we can) have spoken to Barclays today in branch, they've said we can do it. My girlfriend spoke to the general mortgage helpline for Barclays on the phone and they said yes. When I spoke to them 10 minutes later they said no, and our mortgage broker has spoken to them and they've said no, so seems to be a bit of confusion on the subject.0
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This is the published criteria...
" Family Springboard Mortgages are not available on new build properties. Such applications should be submitted under the NewBuy Scheme "
Seems pretty clear cut.0 -
Woolwich/Barclays goes upto 85% on newbuilds, so springboard would not fit with that.
The NewBuy scheme is by arrangement with set builders and brokers and the builder has to "pay away" 3.5% of the purchase price, so they are less than enthusiastic about offering it!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.0 -
Viperkid
You cannot do it - confirmedI 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.0 -
Thanks for the confirmation all, looks like we'll go with an 85% Help To Buy mortgage then.0
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It is a house or a flat Viper?
Is it being offered under the Help to Buy equity scheme?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.0 -
85% HTB?viperkid89 wrote: »Thanks for the confirmation all, looks like we'll go with an 85% Help To Buy mortgage then.
Presumably, you mean Help To Buy - Equity Loan, which gives you a Government loan of either 10% or 20%, to which you add your deposit?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.0 -
kingstreet wrote: »85% HTB?
Presumably, you mean Help To Buy - Equity Loan, which gives you a Government loan of either 10% or 20%, to which you add your deposit?
That's right.
@amnblog
It's a house and is offered under Help To Buy, it would of been nice to do the family springboard as the quotes we got are similar for a 25 year term with 5 years fixed interest rate, we just didn't owe the government 10%!0 -
I suspect the maths are much better on a 75% LTV H2B than the springboard rate.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.0
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