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JOB LOCATION:
PRINERGY 3
Family Springboard
Mortgage
A mortgage that allows family
members to help each other get
on or move up the property ladder.
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Helpi
up th
Contents
3 Helping buyers get on or move up
the property ladder
Finding e
deposit i
barriers f
or move
How one
another
As propert
amount of
a property
dificult fo
the funds
The people
close fami
guardians,
who are in
and want t
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How it c
How the Jo
get on the
David grad
working ev
with his pa
could save
He had his
and manag
deposit. His
provide in
become in
5%
137,500
Property
Deposit
Home buyer
6,875
Family Springboard
Mortgage Approved
and House Purchased
10%
Deposited
Helper(s)
13,750
95%
Mortgage
Mortgage continues
without the Helpful
Start Account
Mortgage
Payments
Kept Up
The money d
and to clear a
13,750
13,750
Funds held in
Helpful Start
Account
Released and
returned to helper(s)2
+ Interest
YOUR HOM
ON YOUR
3
The mortgage is available for 90.01% - 95% Loan to Value with deposit of 9.99% to 5%.
See Important Information on page 5.
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Important in
2
The three-ye
their mortga
20/02/2014 13:37
Independent L
ensures that t
The solicitors w
to commence
ts their
ng as the
payments
gage
ple only
steps
and
e continues
the Helpful
Account
3,750
terest
sed and
to helper(s)2
Important information
2
The three-year term may need to be longer in the event of the borrower facing inancial dificulties with
their mortgage.
The money deposited in the Helpful Start Account will be used in the event of a default of the mortgage
and to clear any inancial loss in the event of repossession.
Independent Legal Advice is where a solicitor (but not the solicitor involved in the conveyancing of the mortgage)
ensures that the helpers have the implications and risks associated with taking out the Helpful Start Account explained.
The solicitors will also ensure that you complete paperwork from Barclays to enable the Family Springboard Mortgage
to commence. Fees will apply.
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Your gui
Family S
A step-by-step guide
for borrowers and helpers
What a bo
Before a
Who does what, and when
The diagram below explains the step-by-step process for both borrowers and helpers.
So youll always know what stage you are at with your application.
Mortgage Application
Borrower
Mortgage
interview
Mortgage
agreed
Mortgage
offer
Independent
Legal Advice
process begins
Account
opened
Mortgage
completion
Helper
Application
form for Helpful
Start Account
completed
Money is paid
into Helpful
Start Account
Use our m
barclays.c
and budge
barclays.c
to get an id
borrow an
to pay eac
1. Mortg
Make an a
Adviser eit
or via an In
Youll need
key docum
Proof of p
for exam
Complete
Independent
Legal Advice
process
Proof of y
Money is
locked in
account
Your mos
three yea
Proof of i
loans, cre
agreeme
Details of
The borrower and helper do not have to apply at the same time, although both
applications must be received in order for the mortgage to progress.
including
YOUR HO
ON YOUR
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nd helpers.
age
etion
oth
Before applying
Use our mortgage calculator
barclays.co.uk/mortgagecalculator
and budget planner
barclays.co.uk/budgetplanner
to get an idea of how much you could
borrow and how much you could afford
to pay each month on your mortgage.
1. Mortgage interview
Make an appointment with a Mortgage
Adviser either in branch, over the phone
or with an Independent Financial Adviser.
Youll need to provide the following
key documents:
Proof of personal identiication,
three years.
Proof of income.
2. The application
After your interview your application will
be checked and assessed by our specialist
mortgage team.
3. Your offer
Once the application has been approved,
well instruct for a valuation to be carried
out on the property. Well also send you a
letter outlining our offer of a Family
Springboard Mortgage, which will include
the legal mortgage documents. All you
need to do is accept it and get ready to buy
your dream home.
4. Completion
Finally, once the Helpers funds are in
place you can pick up the keys and
move into your new home.
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How to set up a
Helpful Start Account
2. Seek Independent
Legal Advice
Before applying
Existing Barclays customers can apply
for an account straight away. If youre
new to Barclays youll need one of the
following key documents to open a
Helpful Start Account:
A full, current passport.
A current photocard driving licence
Your
(full or provisional).
A full UK driving licence.
(full or provisional).
A full paper driving licence (if you
1. Your application
Before completing your application,
please read the Helpful Start Account
Terms and Conditions, Rates for Savers
& Current Accounts lealet and Terms and
Conditions for Personal Customers.
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For borro
Am I cove
Compensa
We are cov
be entitled
the schem
obligations
of busines
the claim
For furthe
compensa
(including
eligibility t
local branc
fscs.org.u
020 7741
Please not
queries sh
Can I take
Springboa
The Family
speciically
on or mov
you can on
need
etting
from.
or who
g on the
from the
ware of
ciated
ount as
Mortgage.
be
come
itions.
d return
ng you
setting
t Account.
e funds
the
L START
ANY
N THE
MISSED.
Family Springboard Mortgage | 9
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For helpers
Can I help more than one member
of my family?
Yes, you simply have to set up a separate
Helpful Start Account for each Family
Springboard Mortgage.
Am I guaranteeing the Family
Springboard Mortgage?
No, a guarantor would guarantee 100%
of the mortgage rather than helping out
on the deposit, as youre doing. So you
wont be responsible for maintaining
the repayments.
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Can I use a
with Helpf
Yes, the ac
of an exist
In this case
functions
interest pa
and provid
Springboa
be payable
Helpful Sta
to reduce t
your mortg
arrangeme
What if I w
Helpful St
Any funds
Account w
end of the
in exceptio
2
The three-ye
of the borrowe
mortgage. The
Account will be
mortgage and
of repossession
n which
e retained
y is
es a
e and
We may,
elpful
issed
count.
the
on
unds in
t held
ge, if the
gations.
property?
over
ent Legal
nd your
nts clearly
be
t
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To get this in Braille, large print or audio call 0800 400 100*
(via Text Relay) or visit barclays.co.uk/accessibleservices
Call monitoring and charges information
*
Calls may be recorded and/or monitored for security and training purposes. Calls to 0800 numbers are
free from a UK landline. For BT residential customers calls to 0845 numbers will cost no more than 4.5p
per minute, plus a 15p call set-up fee (current at February 2014). The price of non-BT lines may differ.
The Woolwich and Woolwich are trademarks of Barclays Bank PLC which is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority
(Financial Services Register No. 122702).
Barclays Bank PLC is registered in England. Registered No. 1026167. Registered Ofice: 1 Churchill Place, London E14 5HP.
Item Ref: 9912728 Artwork: UKB285722BRO Created: 02/14
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