We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
family springboard mortgage

FTB_society
Posts: 11 Forumite

anyone has more insight on this (Barclays family springboard mortgage) ? I dont see much information about this online, and even here
as 90% LTV is so difficult to have currently, this looks very good to me, but equally I feel there must be a reason if people dont use this much
this is still available ? what could be a snag ? (except a bit higher interest, and essentially monthly pay would be higher)
I just wonder it is easier to get mortgage offer by using this kind of mortgage than standard 90% LTV
https://www.barclays.co.uk/mortgages/family-springboard-mortgage/
as 90% LTV is so difficult to have currently, this looks very good to me, but equally I feel there must be a reason if people dont use this much
this is still available ? what could be a snag ? (except a bit higher interest, and essentially monthly pay would be higher)
I just wonder it is easier to get mortgage offer by using this kind of mortgage than standard 90% LTV
https://www.barclays.co.uk/mortgages/family-springboard-mortgage/
0
Comments
-
Finding a regular 90% LTV mortgage won't be easy some are not doing 85%.
have you read the customer guide?
For the borrower it is essentially a 5y fix
for the helper it ties up your money for 5 years and longer if the borrower does not pay their mortgage.
The helpful start account and the T&C's are the important bits for the helper.
https://www.barclays.co.uk/savings/interest-rates/helpful-start-saver/
https://www.barclays.co.uk/content/dam/documents/personal/mortgages/BAR_9912788_UK_Lo.pdf
0 -
in essence its an 100% mortgage and the payments will reflect this.0
-
The rates are not that bad
3.05% for the 100% or a bit lower if the borrower can find 5% 2.85%0 -
I understood how that works, and financially less attractive as you have pay 100% rather than 90%..
but.. I am more curious someone has experience/feedback with this scheme, how long does it take (so, longer than standard mortgage, or not ?)...etc
0 -
FTB_society said:I understood how that works, and financially less attractive as you have pay 100% rather than 90%..
but.. I am more curious someone has experience/feedback with this scheme, how long does it take (so, longer than standard mortgage, or not ?)...etc
My simple remortgage took 6 weeks and that's without issues.
Before covid, my ftb mortgage took less than 2 weeks"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.3K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.2K Spending & Discounts
- 243.3K Work, Benefits & Business
- 597.9K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards