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Family Springboard Mortgage

Family Springboard Mortgage

Buying a home with help from a loved one

Our Family Springboard Mortgage enables your client’s family or friends to help them get a mortgage with as little as 0% deposit – and the helper gets their savings back with interest.

  • Available for first-time buyers and home movers on properties up to £500k (excludes new builds)
  • Up to 5.5x income multiples for clients earning more than £50k
  • Terms available from 5 to 35 years
  • If all mortgage payments are made, helpers get their money back after five years
  • Helpers still earn interest on their savings during the five-year period

How it works

A Family Springboard Mortgage has two elements – the borrower and the helper.

The borrower’s role

The borrower applies for a Family Springboard Mortgage and could borrow up to 100% of the property price. They can apply for a term of between five and 35 years and the rate is fixed for the first five, so their payments won’t change in those crucial early years.

The borrower needs to make all their mortgage payments on time to make sure their helper gets their savings back without delays. If the borrower doesn’t keep their mortgage payments up to date, we’ll keep the helper’s savings for slightly longer than the agreed term.

The helper’s role

The helper opens a Helpful Start account and pays in 10% of the borrower’s property purchase price. If the borrower makes all their mortgage payments on time, the helper gets their savings back after five years, with interest.

Helpers will need to show they’ve taken independent legal advice before the mortgage can begin.

More details about Family Springboard

A guide for intermediaries

Download our guide for full details of the benefits and criteria, and a step-by-step guide to submitting a case.

A guide for your clients

Give your clients a full guide to our Family Springboard Mortgage, with a list of questions and answers for both borrowers and helpers.

Working with you

Ready to submit business?

Log in to our Intermediary Hub to submit your remortgage case.

Our products

See our latest rates for residential and buy-to-let clients who want to remortgage.
 

Affordability calculators

Work out how much your residential and buy-to-let remortgage clients could borrow.

Lending criteria

Compare market rates to see if your buy-to-let clients could save money by remortgaging with us.