What Is Barclays Family Springboard Mortgage?
If you’re looking to buy a property but have little or no deposit, there are still mortgage options that can help you get on the property ladder.
One of the most popular is the Barclays Family Springboard Mortgage, a unique type of family deposit mortgage that allows a family member or friend to support your mortgage application while earning interest on their savings.
With this springboard mortgage, you can become a home buyer without needing your own mortgage deposit, making it an attractive option for first time buyers and home movers alike.
Who Is Eligible?
The Barclays Family Springboard Mortgage is open to both first time buyers and home movers. You can apply even if you have a small deposit or no deposit at all.
However, keep in mind that certain eligibility criteria apply, for example, this mortgage is not available for new build properties or properties in Northern Ireland.
How Does It Work?
This family mortgage involves two key parties:
- Borrower: The homebuyer who takes out the mortgage and makes the monthly mortgage repayments.
- Helper: A family member or close friend who deposits 10% of the property purchase price into a linked Helpful Start Account at Barclays.
The helper’s money acts as additional security for the lender, allowing the borrower to access a mortgage deal with a 0% personal deposit.
The helper earns interest payments on their savings (typically 1.5% above the Bank of England base rate) and gets their money back after five years, provided all mortgage payments are kept up.
What Mortgage Term Is Available?
The Barclays Springboard Mortgage is available with terms ranging from 5 years up to 35 years.
This agreed term gives you flexibility in how you repay the loan over time.
What Happens After the Initial Fixed Rate Period?
The mortgage starts with an initial period of 5 years at a fixed rate. After that, if no action is taken, you automatically move onto the Barclays Lifetime Tracker Mortgage.
At this point, you have options:
- Product Transfer: Switch to a better mortgage deal with Barclays.
- Remortgage: If you have enough equity, you can move to another lender, such as Lloyds Bank or other family mortgage providers.
How Much Can Be Borrowed?
Borrowing limits are calculated based on annual income:
- Annual income £60,000 or less: Borrow up to 4 times your combined income.
- Annual income over £60,000: Borrow up to 5.5 times your income, subject to affordability checks and other financial commitments.
The maximum loan size on a Barclays Springboard Mortgage is £500,000, and affordability will also consider your credit history, monthly mortgage repayments, and the overall property value.
Can a Second-Time Buyer Get a Barclays Springboard Mortgage?
Yes, the Barclays Family Springboard Mortgage is not just for first time buyers.
Home movers can also benefit from this scheme if they meet the eligibility criteria.
Barclays Family Springboard Mortgage – Summarised
- Deposits: 0%–9.9% (with helper contribution)
- Income Multiples: Up to 5.5× for applicants earning over £60,000
- Helper’s Interest: 1.5% above the Bank of England base rate
- Eligibility: Available to first-time buyers and home movers
- Loan Limit: Up to £500,000
- Exclusions: No new build properties
- Term: 5–35 years
- Rate: Fixed for 5 years, then switches to a tracker unless you remortgage.
- Ownership: Borrower retains full rights to the property, the helper is not on the deeds, avoiding stamp duty or legal complications
- Funds Recycling: After five years, the helper’s money can be used to support someone else’s property purchase
Can The Mortgage Pod Advise Me on Whether Barclays Family Springboard Mortgage Is Right for My Circumstances?
Absolutely! Our experienced team at The Mortgage Pod has over 35 years in the mortgage and property industry.
As a specialist mortgage broker, we can assess your financial security, credit history, and financial commitments to recommend whether this is the right mortgage product for you.
Get Started with The Mortgage Pod today to explore your options and secure the best mortgage deal for your needs.
FAQs
Is Barclays Family Springboard Mortgage a Good Idea?
It can be, depending on your personal and financial situation. We recommend speaking with one of our expert mortgage advisers to review all your mortgage options and understand the full overall cost.
Is a Springboard Mortgage a Type of Guarantor Mortgage?
No, the helper deposits money into a savings account, but they are not named on the mortgage or property. This avoids triggering additional stamp duty or needing independent legal advice like a guarantor arrangement would.
Is Barclays the Only Lender to Offer a Family Springboard Mortgage?
Yes, Barclays offers the specific Family Springboard Mortgage. However, there are alternatives such as the Halifax Family Boost Mortgage and other family deposit mortgages available from other lenders. It’s a good idea to consult a professional mortgage broker like The Mortgage Pod to understand which option suits you best.
