Barklays family springboard

EV2UK

Hello.

I've just got a couple of questions referring to the Barklays
family springboard scheme as information online seems to be a bit sparse.

1). Can we move house with these scheme or is it strictly for first time buyers

2). It says that parents put up 10% and buyer puts up 5%... Can these percentages be different.? Patents are more than happy with 20% but can we put in more than 5%.? (10% maybe)

3). How long is the scheme due to run for as it seems to of been around for a couple of years already


Purchace price of new property would be around 200k - 210k




Many thanks

Tony

minimike2

1. Anyone can use the scheme who is buying a home.

2. The buyer can put in 5% - 9.99%. The "helper" (doesn't have to be family / parents) must put in exactly 10% of the purchase price.

3. It's until Barclays deems they no longer wish to offer the product.

EV2UK

Thank you for the reply, really helpful and exalty what I was hoping to hear.

Would we need to bank worth Barklays to qualify or be excepted.? We currently bank with Lloyds


Tony

minimike2

No you don't have to bank with Barclays

amnblog

Hi Tony

Perhaps you are aware of this already but the key advantage of the products is that your parents don't actually put their 10% into the property.

They just put it in a Barclays account as security, or assign it if it is already in a Barclays account.

It is held as security for three years after which time, assuming everything has been paid in full it is released and is free cash again.

With your parents also able to earn interest on the deal it is a good product. Although the gloss has gone off of it a bit since other high loan to value products have become more competitively priced.

maninthestreet

Am I the only one wondering how the OP has investigated and researched the Barclays Family Springboard scheme, but still not know how to spell Barclays correctly?

minimike2

maninthestreet wrote: »

Am I the only one wondering how the OP has investigated and researched the Barclays Family Springboard scheme, but still not know how to spell Barclays correctly?

I try not to judge. Some people have difficulty using a keyboard, reading, dyslexia, all sorts.

EV2UK

Nope. No dyslexia or troubles using a keyboard... Just a new phone with some fancy swipe to type kind of thing and know it all autocorrect, but if we're having digs then your reply didn't read to well 'maninthestreet'



Jsut syanig