Family springboard mortgages
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The saver will however earn an attractive amount of interest on their cash, which can be withdrawn without penalty at the end of the term, so long as the mortgage customer has kept up their repayments. With that helping hand from the bank of mum and dad, not only can family members get on the property ladder, we can help find a family mortgage with manageable mortgage payments at the best possible interest rates.
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.
When life changes, so do you, and we're here to help with all kinds of mortgages. Whether it's getting on the property ladder, helping a family member to make the most of a great property price, or finding buyers and home movers a family mortgage arrangement they didn't know was available.
For more details of family deposit mortgages, taking your first steps on the property ladder, or mortgage linked savings account, our website is full of specialist mortgage advice. We're here to help clients through the good and the bad times, whether that's tracking down single parent mortgage opportunities or getting a mortgage after a divorce.
We'd love to hear from you. We've got a specialist mortgage advisor ready to guide you through all of our family mortgage deals. Family mortgages are often overlooked by borrowers, buyers and home movers limitting their choices to the high-street lenders. If a family springboard mortgage isn't quite right for you, we'll help you find one that is. With a range of family mortgages delivering the interest rates and monthly payments to satisfy your budget, your dream of climbing the property ladder will become a reality.