Barclays Springboard- can it even work?

krysob

Hi

Does anyone have any positive experience of using a Barclays Springboard mortgage?
I'm already having a nightmare- a house I wanted to offer on went straight to 'best and final offer' but they want an agreement in principle to make the offer.
I have been told by a mortgage advisor at Barclays that they can not give me an AIP due to the specialised Nature of the mortgage. I have not been able to get any proof of lending, except an email stating the mortgage is affordable subject to a credit score that can not yet be carried out, and proof of income. I'm pretty certain the estate agent won't accept this, so my offer will not reach the vendors.

It seems a little like false economy- most estate agents won't let us view a property without an AIP, yet Barclays can not do any sort of AIP/Decision in Principle until after I have made an offer.
It is a little frustrating and I can't see how it can work in practise.

Can anyone reassure me that this can work?

getmore4less

Get an AIP for a regular mortgage.

minimike2

You CAN get a DIP without having had an offer accepted on a property....

Smevchenko

I am currently in the middle of a springboard application, and we initially got an AIP for a standard residential mortgage should any EA want to see one.
We got lucky with the house we offered on, the EA didn't ask for an AIP, and accepted the offer we made. Unfortunately the process has been held up for a few weeks whilst we were trying to prove ID and address with Barclays prior to the application being submitted. This has now all been sorted, and Barclays have informed me they are now arranging a valuation on the property.

We had the same concerns as you when we were told Barclays could not do an AIP for the springboard mortgage, and while it is a bit of an issue, just get the AIP for a residential mortgage, and go from there once you have an offer accepted.

krysob

Thanks for that suggestion! Don’t know why I didn’t think of that but it really helped