Following the government’s update on 13th May 2020 regarding home moving in England during the Covid-19 outbreak, we are pleased to announce our branches in England will start re-opening their doors for booked appointments over the coming weeks. Health and safety remains our main priority, and a number of strict measures will be put in place to protect our staff and customers. Our offices in Scotland and Wales will continue to support customers from home. Visit our branch page to find contact details for your local office.

The 100% mortgage is back (but Mum and Dad must agree first)

The 100% mortgage is back (but Mum and Dad must agree first)

Barclays has reintroduced the 100 per cent mortgage - but there's a catch. 

The bank's so-called Family Springboard Mortgage is now available with no deposit required from the borrower but needs to be supported by what is described as a “helper contribution†equivalent to 10 per cent of the purchase price.

This sum has to be lodged with a Barclays deposit account by a “helper†- typically one or both parents of the person taking out the 100 per cent mortgage. After three years the money in the account is returned to the family helper with interest.

Previously a five per cent traditional-style deposit would have been required from the first-time buyer to secure a Family Springboard mortgage.

Barclays is also raising income multiples for this kind of mortgage if the customer has a salary of over £50,000 - the multiple rises from 4.4 times annual income to 5.5 times.

Article courtesy of Estate Agent Today | Sign up for Estate Agent Today newsletter | Get this news on YOUR site!