Barclays spring board mortgage

emmajjb

I’ve always put money in my sons bank account, he’s only 9 and currently has £7000. At present me and my husband rent our home but we are desperate to own our own property. We currently have £3000 in our help to buy ISA’s but we are struggling with saving and paying rent. The area which we live has a small selection of houses that are Within our budget but when they go up for sale they are snapped up by people who own multiple properties, to rent out and I feel like the longer we leave it, we may miss the our opportunity to buy within our budget. I’ve always said I would never spend my sons money as I’ve never had any help with money from my Own parents for anything and I want him to have a good start, but I can’t help thinking about using his money for the Barclays springboard mortgage, as he doesn’t need the money yet and he will get it returned with interest. I’m just looking for opinions as to if this is a good idea, I’m not looking for someone to say it’s ok to use your sons money. Has anyone had or know much about the spring board mortgage and if I can use his savings?

Many thanks

Chloe901

From a quick look on the Barclays website, it looks like your "helper" (the one fronting the cash) has to open a particular bank account with Barclays, and to do so has to be over 18, so it's not possible for your son to be your helper.

emmajjb

Oh right! I didn’t read that part. Well that’s out the window then. 

Thanks for taking the time to reply.

smc103

I would say the money would be better invested in the property. Your house should increase in value at a higher rate than any savings account at the moment. Perhaps use the money to get you on the property ladder now and then look at a way of releasing the equity once your son is 18. 

Also, assuming your mortgage is cheaper than your rent; you could put the extra that you're saving each month into an account for your son.