Also revealed this week- Barclays are offering 100% mortgages for first time buyers by revamping its “family springboard” mortgage. Previously this deal allowed for a 5% deposit, if 10% of the house purchase price was put into a savings account linked to the mortgage by a ‘helper’ (i.e. parents).
The revamped deal only requires 10% contribution from a ‘helper’ if needed. It will be returned to the ‘helper’ after three years with added interest – providing the mortgage repayments have been kept up to date. The cash in this savings account will receive an interest rate of 2%.
Read more here.
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