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First time buyers.

Man and woman look out of the window

We are behind the drive to open up more lending for frustrated tenants and “wannabe” homeowners - we think this is a good thing to do for the right consumers and will help to lobby in this regard.

FTB NEWS

Barclays offers Family Springboard with deposits from as little as 0%*
The Family Springboard Mortgage allows your client’s family or friends to help them secure a mortgage, and earn interest at the same time. It is available for both first-time buyers and home movers. Options are available for clients with a minimum deposit of 0%. 

A Family Springboard Mortgage is built of two elements; the borrower and the helper(s). The borrower takes out a Family Springboard Mortgage, while the helper opens a Helpful Start Account linked to that mortgage. The helper(s) then puts10% of the purchase price into the Helpful Start Account. 

This means your clients could get on the property ladder or move home with a deposit of as little as 0%, where a helper(s) provides an interest-earning contribution. 

After three years, the helper(s) get their money back with interest, as long as the Family Springboard Mortgage payments are kept up to date. It is available for properties up to the value of £500,000, and is not available for new build properties. The mortgage term available ranges from 5 - 25 years. Click here to visit the website for more information

*Where a helper(s) provides a 10% interest-earning contribution.

Government Help to Buy Schemes.

The Government have launched ‘Own Your Home’, their major home ownership campaign, with a new portal to assist people find the right home buying scheme for them. According to British Social Attitudes Survey, 86% of people aspire to own their own home.

View these schemes here

Bank of Mum and Dad
Legal & General’s research on the “Bank of Mum and Dad”, published in conjunction with the Centre for Economics & Business Research (Cebr), underscores the huge role of families in an over-priced, under-supplied housing market.
The Bank of Mum and Dad (BOMD) is now on a par with the 9th largest mortgage lender in the UK (up from no.10 last year) and will be involved in more than a quarter (26%) of all property transactions that take place in the UK market this year.
Advisers need to be highly sensitive to the role of the family unit when it comes to property sales and purchases – we are more and more dependent as a society on the older generation to support our housing dreams, and that has the potential to lead to some tough conversations. The role of the adviser here can be key, supporting and guiding parents who want to help their kids while also looking at the issues from the ‘borrower’s’ perspective, who have their heart set on that dream home.’

Read the full report here

Guarantor Mortgages

Key benefits of Guarantor Mortgages:

  • Full and Limited liability options available.
  • Low deposit required from 15% (maximum LTV 85%).
  • Variety of products with arrangement fee options.
  • 2 and 3 year fixed and 2 year tracker options available.
  • Annual 20% capital repayment allowance without incurring Early Repayment Charges.
  • Also available for remortgages.

Key lenders in this market

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