Deposit or family help

EV2UK

Hi everyone

Me and my partner bought the flat we are living in at the moment just over 4 years ago and we used the Lloyds "lend a hand scheme" with my parents putting around £20,000 into a bond account and us putting in a £6,000 cash deposit, we were first time buyers and the scheme worked very well for my patents after the three years were up and their money was released with intrest.

We are now looking at moving and think that with savings and equity we will have around £30,000 for a deposit
We are lucky that will will be moving free of any dept on recently paid of credit cards and back loans, or joint income is around £50,000 so I think that a purchace price of around £200,000 should be obtainable.

Now....

My patents have asked if it is possible to do a similar thing to what we did with Lloyds.

I see that Barklays are advertising a similar scheme called "family springboard"

Information on this product is quite limited but on the Barklays website it says that "patents are able to GET their children on the property ladder OR help them MOVE UP the ladder.

So my questions are..

.is this scheme still open
.can the LTV be less that 95%
.is it open to remortgaging / house moving

Are there any other products that may suit us better.?



Sorry for the long post but I hope it covers all the relevant information needed for you guys to assist.



Many thanks

Tony

justcat

Why do they want to do it again?

Are they seeing it as a 3 year investment?

EV2UK

They see it as a good and helpful investment

They were quite impressed with the return last time and therfore are more than happy / willing to do it again. money

King_Slayer

Get in contact with Barclays, see if it's still available and get as much information.

amnblog

That product is designed for 5% deposit with 10% cash family money, in a supporting deposit account, it is unlikely to be your best option if 10%, 15% or 20% deposit is available.