Barclays have advised they upgraded their Family Springboard Mortgage on 4th May. They have provided the following information
The changes mean it could allow your clients to get on the property ladder or move home with a deposit from as little as 0%, where a helper(s) provides an interest-earning contribution.
And, if they earn more than £50,000, individually or collectively, they could also qualify for a greater income multiple of 5.5x.
Reasons to offer clients a Barclays Family Springboard mortgage:
- Deposits available from 0% – 9.9%
- 5x income multiples for applicants earning more than £50,000
- Helper(s) receive their 10% contribution back after 3 years, whilst earning credit interest at 1.5% over the Bank of England base rate over this period
- Available to first-time buyers and home-movers
- Maximum property value of up to £500,000
- Term available from 5 – 25 years
The launch rate will be 2.79% 3 year fixed for the 95% LTV product and the ‘Nil Deposit’ product will be a 2.99% three year fixed rate. Please see the link below for the full launch product details:
Please click here to see the official communication.
Attached is a copy of their Help & Support Guide and their Help Sheet. Alternatively, you can visit their dedicated information page.
