If you are a first-time buyer who needs a little help getting on the property ladder, you may benefit from speaking to one of our expert advisors about organising a family springboard mortgage.
Also known as a family offset mortgage, this type of agreement enables relatives of first-time purchasers to use their savings and ultimately help them buy their new home.
First-time borrowers are able to apply for a family springboard mortgage with a deposit as low as 5%, if their parents (or another family member) agree to placing a lump sum into a savings account with the preferred lender, to secure the loan. The saver will however earn an attractive amount of interest on their cash, which can be withdrawn without penalty at the end of the term, so long as the mortgage customer has kept up their repayments.
It’s important to remember that a family springboard mortgage is not the same as a family deposit mortgage, in which the family member provides a deposit gift.
If you’re interested in arranging a family springboard mortgage on your first purchase, contact CLS Money today. Our team take the time to understand your situation and will help you find a family springboard mortgage product that fits both yours and your loved ones needs perfectly.
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