Barclays Springboard Mortgage

Jazzy97

Im looking into using this 100% mortgage but would like anyones feed back on how much it cost them to do and what the process is. Also just wanting to make sure its not just an example they use but the mortgage repayment is worked out from a repayment of 23 years? After the 3 years fixed rate can i change mortgage to a longer years mortgage?

Smevchenko

We are almost at the end of our springboard process, costs so far:

£800 solicitors fees
£450 building survey
£150 (around that figure) for using ENACT to provide legal advice for family member providing funds

Process was to make an application, which was delayed by not having the correct documents to prove address and ID with Barclays as we were new customers. If this applies to you, make sure your passport is valid, and your driving license has the correct address. Also request bank statements if you bank somewhere else that are in the correct paper format. You will need P60's for the last two years, and 3 months wage slips.

If the person helping you with the funds to place in the savings account is also new to Barclays, make sure they also have correct documents for proving ID and address.

We needed details of any credit we had, CC's and car finance applied to us.

Once the application went in, they requested some other pieces of information that were not provided at the start, such as a copy of my passport. Valuation was agreed about 10 days after the application started. We were then delayed due to the family member waiting for a new passport. They needed this to open the savings account. Once the savings account was opened, we were issued with an offer.

We now need to sign things with our solicitor and hope to have a completion date in the next 2 weeks.The funds need to be transferred into the savings account prior to completion, but this does not need to be done prior to the offer being made.

Also, the separate legal advice required for the family member does not need to be completed prior to the offer, but they will need the name of the solicitor being used, In our case we used ENACT who Barclays recommended. ENACT have a specific springboard team who know the process, we tried to use another solicitor, but because they were unfamiliar with the mortgage they said they were unable to provide legal advice. ENACT can do all this over the phone, and liaise with Barclays to sort out.

daxa13

@Smevchenko

I'm also in the process of application for a springboard mortgage with Barclays, with my offer being received. (Just waiting on the solicitor!)

When (if) your "helper" deposited the required funds into their helpful start account that was set up, did they do this via online/mobile banking?

Reason I am asking - my helper deposited the funds a few weeks back using their Barclays mobile banking app. The helpful start account was visible on the app (obviously, to make the transfer) however now this account has disappeared off both their mobile and online banking?! I understand funds are locked into the account for 3 years, however surely this shouldn't have totally disappeared, as they should be allowed to view their "own" money and view the interest being deposited?

I don't suppose you've had any issue similar?

Smevchenko

@Daxa

Not sure to be honest.... the helper is new to Barclays, like us, so don't think they have setup online banking. I think they just got the helpful start account details and transferred the funds via a bank transfer. I haven't really asked them about the account, just had it confirmed through our Barclays MA, thats the money was in place and the mortgage could proceed.

jakem56

Hey, 

can I ask, did the helpers have access to the mortgage application and full income and outgoings information? 

Thank you!