Family Springboard Mortgage by Barclays Bank UK
New Offer by Barclays as of 01/02/2013 for Mortgages
Family Springboard Mortgage by Barclays Bank UK
This type of mortgage allows parents help their children secure mortgage whilst they (parent or parents or family member) maintain their savings. This means the parent(s)/family member get their money back after a period of time. In this case, after 3 years worth of mortgage payments are kept up to date!
This is how it works:
www.barclays.co.uk/familyspringboard
Terms and conditions: looool
Maximum 95% Loan to Value - the mortgage owner will put down 5% deposit, which is supplied to the vendor (Barclays). The helper will put an additional 10% cash savings into the Helpful Start Account, which will help the borrower get on the property ladder. Savings of the helper will be returned with interest after 3 years provided that repayments are kept up on the mortgage. Maximum loan (mortgage value) of £500,000. Not applicable to New Build properties. Maximum term 25 years. Other fees may apply (of course). Subject to application and availability. Terms and condition apply.
Family Springboard Mortgage by Barclays Bank UK
This type of mortgage allows parents help their children secure mortgage whilst they (parent or parents or family member) maintain their savings. This means the parent(s)/family member get their money back after a period of time. In this case, after 3 years worth of mortgage payments are kept up to date!
This is how it works:
- The borrower takes out a Family Springboard Mortgage, while their helper (parent(s)/ family member) opens a Help Start Account that is linked to the Family Springboard Mortgage
- The helper then puts in 10% of the purchase price of the house that the borrower wants to buy. This means that Barclays can offer 95% of the mortgage to the borrower; and the borrower only needs to bring a 5% deposit to secure the mortgage (Terms and condition applies of course! This is United Kingdom of Great Britain)
- At the end of three years, the Helpful Start Account is closed and the helper gets their money back with interest accrued
www.barclays.co.uk/familyspringboard
Terms and conditions: looool
Maximum 95% Loan to Value - the mortgage owner will put down 5% deposit, which is supplied to the vendor (Barclays). The helper will put an additional 10% cash savings into the Helpful Start Account, which will help the borrower get on the property ladder. Savings of the helper will be returned with interest after 3 years provided that repayments are kept up on the mortgage. Maximum loan (mortgage value) of £500,000. Not applicable to New Build properties. Maximum term 25 years. Other fees may apply (of course). Subject to application and availability. Terms and condition apply.