As of today there is a new type of mortgage available from Barclays to help first time buyers.
The Loan is called ‘ Family Springboard’ and it enables parents to provide financial security for a son or daughter without physically handing over any money .
The scheme works by the children having a 5% deposit and the parents then putting 10% into an account at Barclays for 3 years, this money earns interest at the base rate plus 1.5% and at the end of the 3 years as long as the all the mortgage payments have been made the money is paid back to the parents.
This is one of a number of innovative schemes beginning introduced to help first time buyers in to the housing market
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