family springboard mortgage

FTB_society

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/

getmore4less

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

bradders1983

in essence its an 100% mortgage and the payments will reflect this. 

getmore4less

The rates are not that bad
3.05%  for the 100%  or a bit lower if the borrower can find 5% 2.85%

FTB_society

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

csgohan4

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

Most mortgages are taking longer due to the current situation, everyone's situation is different, be covenants, retention on offer, problem with lease e.t.c

My simple remortgage took 6 weeks and that's without issues. 

Before covid, my ftb mortgage took less than 2 weeks