Barclays Springboard Mortgage

[Deleted User]

Hi

Me and my partner would like some advice regarding a Barclays springboard mortgage.

My partners parents have offered to support us with one of these as there is a house that would be ideal and we are a little way off having a full deposit for it. We are concerned however regarding our chances of getting one and don't want to do a hard check for this in case it fails.

Our current situation:
- 2 wage income: £30,000 and £20,000
- 2x help to buy isa with £2100 in each so a total of £4200
- I have a loan for £3000, partner has an overdraft of £1600 - both taken out to support his apprenticeship which he completed in Nov.

House cost is £180,000

I know no one can say what would happen if we applied we just wondered peoples thoughts on if we would be in a good position to apply for a springboard mortgage or best to leave it be?

Any thoughts are welcome, thank you

asm89

Would his parents be prepared to gift you enough for a 5% deposit of 9k for a 95% mortgage instead? So an extra 5k or so. This opens up your choice of lenders a great deal

Your salaries would entitle you to a mortgage of 200k - 225k but once you factor in the loan and overdraft repayments this may be reduced. But still likely to be well over the 171k required for the property

How much more could you save over the next few months to cover any fees in moving?

getmore4less

Springboard rates are 5y fix, 2.75%(95%) and 2.95%(100%)

parents need to put in 10% locked up for 5y getting 2.25%(variable)

those rates look competitive

Chelle9310

Hi,

Does anyone know what Barclays lend when using the springboard?

If you had no outstanding debts etc.

I’ve read in some places it’s less than a normal mortgage, for example 4X income instead of 5.5?

Thanks

Retired_Mortgage_Adviser

From the intermediary website dated June 2018 (so might have changed)

Chelle9310 wrote: »

Hi,

Does anyone know what Barclays lend when using the springboard?

If you had no outstanding debts etc.

I’ve read in some places it’s less than a normal mortgage, for example 4X income instead of 5.5?

Thanks

Smevchenko

We got a springboard mortgage in May 2017.

At the time of application, salaries of £24k and £31k. House price of £155,000.

No loans, and around £1k on c/c. My credit score was probably below average, and had a CCJ on file, although was about to fall off and was settled.

Although an extra £5k in salary and lower house price, providing your credit files are decent, based on our success, I would imagine you stand a good chance.