Springboard Mortgage HELP?!?!

Willprice92

Hi!

My name is Will, I am a 24 year old looking to relocate myself out of London to Leicester and to get myself on the property ladder.

My Dad has offered to help me by doing the 'sprngboard mortgage' but has tasked me to find out all the information. Its easy to say I am lost past the core info available on Barclays website.

Has anyone else had this mortgage and can advise on the 'time line of progression' and how it works?

I understand they don't issue a AIP so how would I get the ball rolling? Do I need a property in mind?

I am relocating due to redundancy and a TUPE transfer and having to deal with an onslaught of new info about my job change and also learning parts of a new city to live my brain is beyond frazzled.

Any help and anyone who can shed any light with be repaid with my never ending affections.

Thank you
a desperately confused Will.

amnblog

You apply for mortgage

Dad puts 10% of the purchase price on deposit with Barclays .

Dad needs to prove he has had independent advice on this.

You keep the mortgage 3 years, Dad can take his cash back.

You don't pay, it comes out of Dad's cash.

That's it in a nutshell.

Use a Broker for guidance throughout the process.

dimbo61

If moving to a new area why not rent for 6/12 months to find out where you want to live before jumping in with both feet

Willprice92

Thanks! Is the broker necessary?

The legal advice Ian the part where the confusion comes what does my Dad & I need to do there?

Willprice92

Because I only have 6 months to make use of the relocation package they are offering me including paying for legal fees and removal services and storage services!! Already been to the area and have a few places in mind!!

Mells2011

Can I still use my help to buy isa and bonus if I get the 100% springboard mortgage??

fewcloudy

Willprice92 wrote: »

Thanks! Is the broker necessary?

Clearly, yes. You are starting from a low level of knowledge on this subject (you more or less say so yourself), you need to act relatively quickly, and you are asking about a product that is a bit different than the norm. Why would you not get help from someone who does this for a living? No brainer...

fc

kingstreet

From a broker, you'll also get information on other similar schemes out there and not be stuck with Barclays alone.