Family Springboard 95% Mortgage from Barclays

The new Family Springboard 95% Mortgage from Barclays provides a competitive 3year fixed rate mortgage at 4.69% with just a 5% deposit, but also requires a family member to deposit 10% of the purchase price into a linked Barclays savings account for that 3year period, earning interest at BBR + 1.5%. After 3 years they can withdraw the cash and the homeowners are free to remortgage or stick with Barclays. Unfortunately the deal cannot be use for new builds.

I think it’s a fantastic, innovative product that will allow parents to help out their children without giving any money away, helping first time buyers onto the housing ladder with just 5% deposit. Well done Barclays!