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  • FIRST POST
    • Garymand
    • By Garymand 2nd Jan 17, 11:49 AM
    • 9Posts
    • 8Thanks
    Garymand
    Family springboard mortgage
    • #1
    • 2nd Jan 17, 11:49 AM
    Family springboard mortgage 2nd Jan 17 at 11:49 AM
    Hi. We are first time buyers and my sister has agreed to put down the 10% deposit needed for the family springboard mortgage. I'm just a bit concerned as a financial advisor told me that I would struggle to find a solicitor who knows anything about this mortgage from Barclay's. Has anyone had any success getting this mortgage or do you have any tips on getting solicitors in place before we find a property? Thanks
Page 1
    • ACG
    • By ACG 2nd Jan 17, 12:20 PM
    • 16,696 Posts
    • 8,680 Thanks
    ACG
    • #2
    • 2nd Jan 17, 12:20 PM
    • #2
    • 2nd Jan 17, 12:20 PM
    Call a couple of solicitors, I am sure you will be fine finding a solicitor.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Garymand
    • By Garymand 17th Jan 17, 11:01 AM
    • 9 Posts
    • 8 Thanks
    Garymand
    • #3
    • 17th Jan 17, 11:01 AM
    • #3
    • 17th Jan 17, 11:01 AM
    Just wanted to keep you updated, we have had an offer accepted over the weekend and I am currently waiting for barclays to call me back. The estate agent have given me a quote for £1350 for their solicitor fees which I have no idea is good or bad. I'm hoping that's bad as it's my understanding that using this mortgage we need 3 solicitors involved, 1 or me, 1 for the bank and 1 for my sister who is putting the deposit down. I didn't think buying a house would be this confusing!
    • lewishardwick
    • By lewishardwick 17th Jan 17, 11:04 AM
    • 533 Posts
    • 665 Thanks
    lewishardwick
    • #4
    • 17th Jan 17, 11:04 AM
    • #4
    • 17th Jan 17, 11:04 AM
    Check what that fee covers and also, most people will recommend avoiding solicitors recommended by estate agents.

    My Solicitor charged £790, plus searches and stamp duty etc.
    • ThePants999
    • By ThePants999 17th Jan 17, 11:16 AM
    • 1,091 Posts
    • 1,324 Thanks
    ThePants999
    • #5
    • 17th Jan 17, 11:16 AM
    • #5
    • 17th Jan 17, 11:16 AM
    +1 on avoid using the estate agent's recommended solicitors.

    You're right that the bank need to be represented by a solicitor, but if you use a firm that's on the bank's panel for your own conveyancing, they'll typically handle the bank's interests as well for a small extra fee (or no extra fee if the mortgage product includes "free legals"). I'm surprised to hear that your sister would need a solicitor - my understanding of the springboard product is that she'd just have to lodge the money with Barclays for (at least) 3 years, doesn't sound like the sort of thing that would need a solicitor.
    • ACG
    • By ACG 17th Jan 17, 11:18 AM
    • 16,696 Posts
    • 8,680 Thanks
    ACG
    • #6
    • 17th Jan 17, 11:18 AM
    • #6
    • 17th Jan 17, 11:18 AM
    £800 Plus searches seems on the hgh side.

    The firm I use charges about £600 + searches and stamp duty.
    But if £1300 includes the searches then its not TOO bad, I would be 99% sure there is probably a £100-200 kick back to the agents built in there somewhere. Ask the agents/solicitor how much of the £1300 they are getting.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Garymand
    • By Garymand 25th Jan 17, 8:03 PM
    • 9 Posts
    • 8 Thanks
    Garymand
    • #7
    • 25th Jan 17, 8:03 PM
    • #7
    • 25th Jan 17, 8:03 PM
    Hi

    Just to keep you posted where we are at. I've gone with a local solicitors and their standard fees are £720 and that includes the usual searches. They haven't processed a springboard mortgage yet but think that with the extra paperwork for my sister putting the deposit down it will be a further £50 on top.

    My sister does need legal advice, this can be with the same solicitors firm as me but a different solicitor. We don't know how much this will cost but Barclay's think it's a couple of trips to the solicitors so shouldn't be that much.

    Still need to organise someone to do my homebuyers report / survey but I think I've found someone local who is charging £400 (or £525 for a full structural survey).

    Barclay's don't seem to be rushing to get the paperwork completed considering I'm asking for 90k but I'll keep on at them.
    • busybee100
    • By busybee100 25th Jan 17, 10:29 PM
    • 1,150 Posts
    • 2,431 Thanks
    busybee100
    • #8
    • 25th Jan 17, 10:29 PM
    • #8
    • 25th Jan 17, 10:29 PM
    Hi I've posted on your other thread.
    Barclays have an in house team called Enact who can give the legal advice to the helper for £154. Search Enact springboard pdf

    http://forums.moneysavingexpert.com/showpost.php?p=71990471&postcount=9

    • Mr.Smith01
    • By Mr.Smith01 26th Mar 17, 5:01 PM
    • 1 Posts
    • 2 Thanks
    Mr.Smith01
    • #9
    • 26th Mar 17, 5:01 PM
    • #9
    • 26th Mar 17, 5:01 PM
    The independent legal advice is needed by Barclays to show the "helper" is fully aware that the funds will be locked away in the helpful start account for 3 years and cannot be accessed and that the helper wouldn't own any part of the property. Furthermore, if after 3 years there's arrears on the Mortgage Account then the funds will be held on to by Barclays until the account is brought back up to date and remains in the black for at least 12 months.

    This legal advice is more for Barclays protection in the possible future eventuality that a "helper" wishes to access the funds within the first 3 years, complains that Barclays are holding on to the funds if there's arrears on the Mortgage Account or if the "helper" tries to lay claim to any part of the property.

    I know this because I work for Barclays in the Mortgage department.
    • busybee100
    • By busybee100 26th Mar 17, 5:09 PM
    • 1,150 Posts
    • 2,431 Thanks
    busybee100
    Hello Mr Smith
    If there are two helpers, one from each family, how will Barclays ensure the funds are returned to the correct helper?

    • minimike2
    • By minimike2 26th Mar 17, 7:01 PM
    • 1,946 Posts
    • 1,459 Thanks
    minimike2
    I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • silvercar
    • By silvercar 26th Mar 17, 9:05 PM
    • 37,100 Posts
    • 156,291 Thanks
    silvercar
    I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......
    Originally posted by minimike2
    I'm reading it that mr.smith is posting as an individual, imparting information he knows because of his job. he is not touting for business for his company or claiming to represent the company in an official capacity.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of moneysavingexpert.com.
    • Neutrinno
    • By Neutrinno 27th Mar 17, 12:13 PM
    • 172 Posts
    • 78 Thanks
    Neutrinno
    I'm not sure Mr.Smith should be so openly posting as a representative of his employer without the permission of that employer and MSE......
    Originally posted by minimike2
    Give him a break, he's trying to help someone. He's not saying anything detrimental to his employer or looking for business, just posting useful facts... Kinda what this forum is for..
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • rcgood
    • By rcgood 19th Nov 17, 3:14 PM
    • 30 Posts
    • 8 Thanks
    rcgood
    Family Springboard Mortgage helper
    Is this scheme at Barclays still a viable option for a first time buyer with limited deposit
    • dimbo61
    • By dimbo61 19th Nov 17, 9:44 PM
    • 9,845 Posts
    • 5,295 Thanks
    dimbo61
    They still have it on the website !
    Why not read the info
    • Garymand
    • By Garymand 9th Jan 18, 9:14 PM
    • 9 Posts
    • 8 Thanks
    Garymand
    Update
    Just thought I would pop back on and give an update.

    We are now homeowners thanks to my sister putting down the deposit.

    It was actually quite straightforward in the end (as straightforward as buying a house can be). My sister used enact (through Barclay's) and that went smoothly.

    Our solicitor had never heard of this mortgage but the bank sent them all of the information so caused us no complications.

    My sister will get her money back in 3 years, plus 3%. This is as long as we don't default on the mortgage.

    I would definitely recommend using this mortgage.
    • silvercar
    • By silvercar 10th Jan 18, 9:26 AM
    • 37,100 Posts
    • 156,291 Thanks
    silvercar
    Thanks for reporting back. Great that it all work out.
    • Ciaran95
    • By Ciaran95 17th Feb 18, 8:55 PM
    • 1 Posts
    • 0 Thanks
    Ciaran95
    Advice please!!
    [QUOTE=Garymand;73691607]Just thought I would pop back on and give an update.

    Hi Garymand,

    We are going for the same scheme and are slightly confused by the process. Usually, you would get an agreement in principle but it seems with this scheme that is not an option.

    We have a meeting booked with Barclays, do we go to them with a house that we have verbally put an offer in for as we have seen a house that we like..? Or do we have to go to them first. I am unsure if the estate agents would just accept a verbal promise from us until this meeting!!

    We have already had one meeting and know how much we could theoretically borrow.

    Thanks for the advice!
    • Smevchenko
    • By Smevchenko 19th Feb 18, 9:20 AM
    • 60 Posts
    • 18 Thanks
    Smevchenko
    [QUOTE=Ciaran95;73897858]
    Just thought I would pop back on and give an update.

    Hi Garymand,

    We are going for the same scheme and are slightly confused by the process. Usually, you would get an agreement in principle but it seems with this scheme that is not an option.

    We have a meeting booked with Barclays, do we go to them with a house that we have verbally put an offer in for as we have seen a house that we like..? Or do we have to go to them first. I am unsure if the estate agents would just accept a verbal promise from us until this meeting!!

    We have already had one meeting and know how much we could theoretically borrow.

    Thanks for the advice!
    Originally posted by Garymand
    Hi Ciaran,

    We are also in the process of applying for a springboard mortgage, and like you said, they dont offer an AIP on that product. We were advised to get an AIP on a normal residential mortgage, should we need this to go ahead with an offer on a property. As much as the AIP we have is not for the mortgage we will be applying for, it means next to nothing anyway, so doesn't really make any difference.

    As it happens, we found a house we liked and make an offer which has been accepted, and at no stage has the EA asked for proof of an AIP. They asked if we had one when we made the offer, but we have not needed to provide anything to them. The house has now been listed as 'SOLD STC'.

    We have probably been fortunate so far, but you may find that you don't need to show them an AIP anyway. But you could always get one for a standard residential mortgage like we did, just in case.

    One issue we have found with Barclays as new customers, is that we have to wait for ages to have an appt to prove ID. Seems like you cant just pop in to a branch to do this. We have an appt this week, but we made the offer 2 weeks ago, and other than instructing a solicitor, not much has happened so far.
    • Nattop
    • By Nattop 24th Feb 18, 2:04 PM
    • 1 Posts
    • 0 Thanks
    Nattop
    Nearly at exchange of contracts....
    Hey all

    Iím new to this forum so please bear with me!
    I have a meeting with my solicitor Monday to arrange our exchange and completion. We too are using the Barclays family springboard mortgage to buy our first home together, at first it seemed very daunting but as the process has progressed itís actually not too bad as long as your on top of it.
    We dropped into our local branch and spoke to someone to get a rough idea of the amount we could borrow and she did a quick affordability check for us based on our existing financial commitments to make sure that wouldnít hold us back from moving forward. We had already seen a property we liked in the price range we thought we would be looking at. As previously said I was told AIPís are not given on this type of mortgage. We then went to put an offer in and the EAs wouldnít really entertain the idea unless their financial advisor had made sure we could afford it, so we sat down with her and she checked then once they were happy our offer was put to the seller and after abit of back and forth accepted! Due to the type of mortgage and probably the fact that I had already been to Barclays she offered to do the mortgage for us or we could go back to Barclays directly...she waived her £600 fee coz I told her I wasnít paying for her services when I could do it all myself and she was obviously happy to do it as sheís probably going to get commission which is no skin off my nose. Anyway we submitted all the appropriate paperwork, Barclays arranged the survey, they then asked for our helper to fill in the helpful start application form which my mum did, then a day later we had our offer. My mum isnít a Barclays customer so she had to book an app to get her 2 forms of IDs checked and copied, then Barclays have to stamp the form and put a number on it. Like someone above my mums used Enact because no one else would do the legal advice bit. Itís cost my mum around £154....in order for Enact to do the legal advice she just filled in the form that came with the account application form and then when Barclays received the form and went to offer that then triggered them to send instruction to enact to contact the helper. They called my mum Friday and have sent her another form which she should have in her possession for wed when they call her back to give her the legal advice. Once they have called her to do that, sheís got to get a colleague to witness her signature and post it back. At this point Enact will then write to Barclays to confirm the legal advice is done, and my Mum I assume will be given bank details to upload the account with the 10%, that has to be done before completionion. Then we are going to be homeowners yay!
    Sorry if this was sooo long....but no one was able to explain the process to us with confidence as I donít think itís a mortgage thatís used a lot. The woman at Barclays helped my mum fill her form in and she was struggling because itís not a very user friendly form and sheís only ever done one since the product was released! Anyway I hope this helps people and feel free to ask anything regarding this!
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