Barclays ‘Springboard’ mortgage help for first time buyers
Barclays has announced that it’s launching a new 100% LTV mortgage.
Previously the lender required a 5% deposit for first-time buyers, in order for them to be eligible for one of its family springboard mortgages. Now all that is required is 10% from a relative or guardian, which is paid back in 3 years with interest.
Barclays springboard mortgage allows a relative or guardian to open an account which is linked to the mortgage, 10% of the final house price is then paid in.
In addition to removing the additional 5% first time buyer deposit element, the lender has also raised its family springboard mortgage income multiple caps. Now 5.5 times income is allowed for those earning more than £50,000.
Whether you are a first time buyer, home mover or remortgaging home-owner, an adviser at Deal Direct can find you a competitive mortgage offer.
Why choose Deal Direct?
- We are whole-of-market and not limited to just a handful of lenders
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- We have years of experience and extensive market knowledge.
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For independent, impartial advice and a competitive quote,
call us on 0800 048 8828.
