Family springboard mortgage

silvercar

minimike2 wrote: »

I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......

I'm reading it that mr.smith is posting as an individual, imparting information he knows because of his job. he is not touting for business for his company or claiming to represent the company in an official capacity.

Neutrinno

minimike2 wrote: »

I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......

Give him a break, he's trying to help someone. He's not saying anything detrimental to his employer or looking for business, just posting useful facts... Kinda what this forum is for..

rcgood

Is this scheme at Barclays still a viable option for a first time buyer with limited deposit

dimbo61

They still have it on the website !
Why not read the info

Garymand

Just thought I would pop back on and give an update.

We are now homeowners thanks to my sister putting down the deposit.

It was actually quite straightforward in the end (as straightforward as buying a house can be). My sister used enact (through Barclay's) and that went smoothly.

Our solicitor had never heard of this mortgage but the bank sent them all of the information so caused us no complications.

My sister will get her money back in 3 years, plus 3%. This is as long as we don't default on the mortgage.

I would definitely recommend using this mortgage.

silvercar

Thanks for reporting back. Great that it all work out.

Ciaran95

Garymand wrote: »

Just thought I would pop back on and give an update.

Hi Garymand,

We are going for the same scheme and are slightly confused by the process. Usually, you would get an agreement in principle but it seems with this scheme that is not an option.

We have a meeting booked with Barclays, do we go to them with a house that we have verbally put an offer in for as we have seen a house that we like..? Or do we have to go to them first. I am unsure if the estate agents would just accept a verbal promise from us until this meeting!!

We have already had one meeting and know how much we could theoretically borrow.

Thanks for the advice!

Smevchenko

Ciaran95 wrote: »

Garymand wrote: »

Just thought I would pop back on and give an update.

Hi Garymand,

We are going for the same scheme and are slightly confused by the process. Usually, you would get an agreement in principle but it seems with this scheme that is not an option.

We have a meeting booked with Barclays, do we go to them with a house that we have verbally put an offer in for as we have seen a house that we like..? Or do we have to go to them first. I am unsure if the estate agents would just accept a verbal promise from us until this meeting!!

We have already had one meeting and know how much we could theoretically borrow.

Thanks for the advice!

Hi Ciaran,

We are also in the process of applying for a springboard mortgage, and like you said, they dont offer an AIP on that product. We were advised to get an AIP on a normal residential mortgage, should we need this to go ahead with an offer on a property. As much as the AIP we have is not for the mortgage we will be applying for, it means next to nothing anyway, so doesn't really make any difference.

As it happens, we found a house we liked and make an offer which has been accepted, and at no stage has the EA asked for proof of an AIP. They asked if we had one when we made the offer, but we have not needed to provide anything to them. The house has now been listed as 'SOLD STC'.

We have probably been fortunate so far, but you may find that you don't need to show them an AIP anyway. But you could always get one for a standard residential mortgage like we did, just in case.

One issue we have found with Barclays as new customers, is that we have to wait for ages to have an appt to prove ID. Seems like you cant just pop in to a branch to do this. We have an appt this week, but we made the offer 2 weeks ago, and other than instructing a solicitor, not much has happened so far.

Nattop

Hey all

I’m new to this forum so please bear with me!
I have a meeting with my solicitor Monday to arrange our exchange and completion. We too are using the Barclays family springboard mortgage to buy our first home together, at first it seemed very daunting but as the process has progressed it’s actually not too bad as long as your on top of it.
We dropped into our local branch and spoke to someone to get a rough idea of the amount we could borrow and she did a quick affordability check for us based on our existing financial commitments to make sure that wouldn’t hold us back from moving forward. We had already seen a property we liked in the price range we thought we would be looking at. As previously said I was told AIP’s are not given on this type of mortgage. We then went to put an offer in and the EAs wouldn’t really entertain the idea unless their financial advisor had made sure we could afford it, so we sat down with her and she checked then once they were happy our offer was put to the seller and after abit of back and forth accepted! Due to the type of mortgage and probably the fact that I had already been to Barclays she offered to do the mortgage for us or we could go back to Barclays directly...she waived her £600 fee coz I told her I wasn’t paying for her services when I could do it all myself and she was obviously happy to do it as she’s probably going to get commission which is no skin off my nose. Anyway we submitted all the appropriate paperwork, Barclays arranged the survey, they then asked for our helper to fill in the helpful start application form which my mum did, then a day later we had our offer. My mum isn’t a Barclays customer so she had to book an app to get her 2 forms of IDs checked and copied, then Barclays have to stamp the form and put a number on it. Like someone above my mums used Enact because no one else would do the legal advice bit. It’s cost my mum around £154....in order for Enact to do the legal advice she just filled in the form that came with the account application form and then when Barclays received the form and went to offer that then triggered them to send instruction to enact to contact the helper. They called my mum Friday and have sent her another form which she should have in her possession for wed when they call her back to give her the legal advice. Once they have called her to do that, she’s got to get a colleague to witness her signature and post it back. At this point Enact will then write to Barclays to confirm the legal advice is done, and my Mum I assume will be given bank details to upload the account with the 10%, that has to be done before completionion. Then we are going to be homeowners yay!
Sorry if this was sooo long....but no one was able to explain the process to us with confidence as I don’t think it’s a mortgage that’s used a lot. The woman at Barclays helped my mum fill her form in and she was struggling because it’s not a very user friendly form and she’s only ever done one since the product was released! Anyway I hope this helps people and feel free to ask anything regarding this!

Minsky1962

How much did it cost your sister? I want to do it four son.
Thankyou