If you’re looking to buy a property but have limited available deposit, there are still a few mortgage options to consider. One option that may be available without any deposit of your own is the Barclays Family Springboard Mortgage. This allows your family or friends to help you secure a mortgage while earning interest.
Who Is Eligible?
It is open to both first-time buyers and home movers, with options available even for clients with no deposit.
How Does It Work?
The Barclays Family Springboard Mortgage consists of two key parties: the borrower and the helper(s).
- Borrower: Takes out the mortgage.
- Helper(s): Opens a linked bank account with Barclays, known as a Helpful Start Account, depositing 10% of the property’s purchase price into it.
This arrangement allows you to purchase a home or move with as little as a 0% deposit, thanks to the helper’s interest-earning contribution.
If mortgage payments are maintained, the helper(s) will receive their original contribution plus interest after five years. This mortgage option is available for loans up to £500,000 but excludes new build properties.
What Mortgage Term Is Available on a Barclays Springboard Mortgage?
The term can range from a minimum of 5 years up to a maximum of 35 years.
What Happens After the Initial Fixed Rate Period Ends?
If no action is taken, you’ll automatically move onto Barclays Lifetime Tracker Mortgage. However, you have options:
- Product Transfer: Switch to a new mortgage deal with Barclays.
- Remortgage: If there’s sufficient equity in the property, you can remortgage to a new lender.
How Much Can Be Borrowed on a Barclays Springboard Mortgage?
- Annual Income £60,000 or Less: Borrowing amount is limited to 4 times the combined annual income of all applicants.
- Annual Income Over £60,000: You may qualify for a mortgage of up to 5.5 times your income, subject to affordability calculations and criteria.
What Is the Maximum Loan Size When Using Barclays Springboard?
The maximum loan size is £500,000.
Can a Second-Time Buyer Get a Barclays Springboard Mortgage?
Yes. This mortgage is available to both first-time buyers and home movers.
Barclays Family Springboard Mortgage – Summarised
- Deposits: 0% – 9.9%
- Income Multiples: Up to 5.5× for applicants earning over £60k
- Helper’s Interest: 1.5% above Bank of England base rate
- Eligibility: First-time buyers and home movers
- Loan Limit: Up to £500,000
- Exclusions: Not available for new build properties
- Term: From 5 – 35 years
- Rate: Fixed for 5 years, then switches to a Lifetime Tracker unless you remortgage
- Ownership: Borrower retains full rights to the property
- Helper Role: Not a guarantor or on mortgage deeds (avoids new stamp duty rules)
- Support Recycling: Helper funds can support others after 5 years
Can The Mortgage Pod Advise Me on Whether Barclays Family Springboard Mortgage Is Right for My Circumstances?
Absolutely, we can. We always recommend consulting an experienced mortgage broker before committing to a new mortgage deal. Our team has over 35 years of experience in the mortgage and property industry and would be happy to advise you based on your specific circumstances. You can Get Started here.
FAQ’s
Is Barclays Family Springboard Mortgage a good idea?
To establish whether this product is suitable for your individual circumstances, we recommend getting in touch with our experienced team of mortgage adviser. You can Get Started Here.
Is a Springboard mortgage a type of guarantor mortgage?
No, the helper places their savings into a specific bank account. However, unlike a guarantor, they do not need to be named on the mortgage or property title deeds.
Is Barclays the only lender to offer a Family Springboard Mortgage?
Yes, the Family Springboard Mortgage is a product offered by Barclays. However, other options may be available to you, so it’s a good idea to consult with a professional mortgage broker, such as The Mortgage Pod, to understand all your options.
