Barclays Family Springboard on a new build

viperkid89

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.

amnblog

You can only use Springboard for existing properties.

I am surprised the Barclays Mortgage Adviser does not know that.

viperkid89

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.

Leon_W

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.

kingstreet

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!

amnblog

Viperkid

You cannot do it - confirmed

viperkid89

Thanks for the confirmation all, looks like we'll go with an 85% Help To Buy mortgage then.

amnblog

It is a house or a flat Viper?

Is it being offered under the Help to Buy equity scheme?

kingstreet

viperkid89 wrote: »

Thanks for the confirmation all, looks like we'll go with an 85% Help To Buy mortgage then.

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?

viperkid89

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%!

amnblog

I suspect the maths are much better on a 75% LTV H2B than the springboard rate.