Family springboard mortgage

Garymand

Hi. We are first time buyers and my sister has agreed to put down the 10% deposit needed for the family springboard mortgage. I'm just a bit concerned as a financial advisor told me that I would struggle to find a solicitor who knows anything about this mortgage from Barclay's. Has anyone had any success getting this mortgage or do you have any tips on getting solicitors in place before we find a property? Thanks

Pixie5740

Barclays will have a panel of approved solicitors since it's likely that you will have a solicitor that acts for both you and Barclays unless you want to shell out for two sets of solicitors fees. You would like to think that a lender on Barclays' panel would know about Barclays' range of mortgage products.

G_M

http://www.barclays.co.uk/mortgages/family-springboard-mortgage

As long as the solicitor is on Barclays' panel, why does he need to know the in & outs of the mortgage product?

But if in doubt, get a list of solicitors on their panel from Barclays, find several local ones, and ring/visit them.

eddddy

Garymand wrote: »

I'm just a bit concerned as a financial advisor told me that I would struggle to find a solicitor who knows anything about this mortgage from Barclay's.

So presumably it wasn't a Barclays financial advisor that said this.

Was it a financial advisor whose services/products would be competing with Barclays products?

As first time buyers, you might find that people say things which are 'slightly misleading' to try to persuade you to buy their products/services etc. - instead of using somebody else's

Garymand

Just wanted to keep you updated, we have had an offer accepted over the weekend and I am currently waiting for barclays to call me back. The estate agent have given me a quote for £1350 for their solicitor fees which I have no idea is good or bad. I'm hoping that's bad as it's my understanding that using this mortgage we need 3 solicitors involved, 1 for me, 1 for the bank and 1 for my sister who is putting the deposit down. I didn't think buying a house would be this confusing!

eddddy

Generally, it's a bad idea to use a Solicitor who the EA refers you to - there is often a large hidden fee.


For the purchase, it's generally better to use a solicitor on Barclay's Panel (i.e. one that's approved by Barclays), then you and Barclays can use the same solicitor. That's likely to be cheaper and more efficient.



I see that Barclays insist that your sister take independent legal advice.... http://www.barclays.co.uk/mortgages/family-springboard-mortgage

As Barcalay's suggest, you could find one legal firm with two solicitors - one to do the conveyancing and the other to advise your sister. Again, it's likely to be cheaper and more efficient.

Garymand

Just to keep you posted where we are at. I've gone with a local solicitors and their standard fees are £720 and that includes the usual searches. They haven't processed a springboard mortgage yet but think that with the extra paperwork for my sister putting the deposit down it will be a further £50 on top.

My sister does need legal advice, this can be with the same solicitors firm as me but a different solicitor. We don't know how much this will cost but Barclay's think it's a couple of trips to the solicitors so shouldn't be that much.

Still need to organise someone to do my homebuyers report / survey but I think I've found someone local who is charging £400 (or £525 for a full structural survey).

Barclay's don't seem to be rushing to get the paperwork completed considering I'm asking for 90k but I'll keep on at them.

Elfbert

It's usually cheaper to get your survey done by whoever is doing the survey for Barclays.

busybee100

Search Enact springboard mortgage pdf

They charge £154 to give the independent legal advice needed for the helper to be accepted.

Good luck with the mortgage. I don't think they can process many so it's a bit hit and miss with coordinating everyone.

Garymand

You can get the surveys done by the same person? Why don't barclays tell you that!

That sounds good about the legal advice. Again I don't know why Barclays don't tell you this and just let you fumble your way through

Stacey203

My MIL has just told us about this type of mortgage and has said she will put her savings in so we can get this mortgage type so was just wondering how yours has been? Did it complete? Was it easy to apply?
Thanks in advance,
Stacey