Family springboard mortgage

superreg1

Hi there
I am looking into this mortgage too, but feel my outgoings will prevent me from obtaining a mortgage. I have never missed a rent payment and have no ccj's or missed payments but like many people do have an overdraft and credit cards!
Does this hold you back?
Regards

whambam

Do both the helper and mortgagee require to pass credit checks?

If the helper become ill or dies or redundancy what happens?

Can a helpers benefits or savings be used as income?

Does the helper require to make the 10% payments to Barclays?

Potbellypig

Such lucky gits having someone put up 10% for you. I take my hat off to anyone that has to pay rent, has children and still has to save the hard way for a mortgage.

whambam

mortgages don't exist it's just numbers on a computer and ink on paper nothing physical. Now that's deceit.

jakem56

Nattop said:

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!

Hey,
My partner and I are looking at this mortgage too. Did Enact send a copy of the mortgage application and all of the outgoings and income on it, too? 

Thanks