In 2018, Halifax reported that the number first time buyers equated to 51% of all buyers in the property market. As the number of buyers in this category rose, so did the average price of properties. Not ideal for those desperately trying to save for a deposit.
Many of those buyers aimed to buy last year but as 2019 arrived, many found themselves still either in rented or living with parents.
The great news is, there’s a fantastic product from Barclays designed especially for first time buyers who are struggling with saving a deposit. The ‘Family Springboard Mortgage’, offers a 100% mortgage to first time buyers. For those of us who remember the disastrous consequences from 100%+ mortgages being handed out to anyone who asked in previous years need not grimace. There is one criteria, which will ensure the same mistakes are not made again. To secure one of these mortgages, a friend, family member or loved one must place 10% of the purchase price into a Barclays ‘Helpful Start’ savings account. These savings will not be touched (unless the mortgage payments are missed) and actually offers an excellent interest rate! After 3 years, your friend, family or loved one can close the savings account, taking out all the money – with interest!
What’s more, the ‘Family Springboard Mortgage’ mortgage offers a very competitive 3 year fixed mortgage rate. With no upfront costs, arrangements fee’s or added extras – this really is a fantastic mortgage product!
This new product really is designed to help first time buyers get on the ladder, whilst offering friends/family a great return on their savings. It’s a win, win situation!
There’s only a certain amount of funds allocated for this product and is they are expected to be used by 2020, so if you’re interested, act now.
Arrange a free 30-minute meeting with one of our expert independent financial advisors, who are willing and able to help you make your property dreams come true! Click here to book your appointment now.
Please note: your home may be repossessed if you do not keep up repayments on your mortgage.