Low deposit springboard mortgage special

low deposit mortgage idea

getting a mortgage with low deposit

5% deposit first time home buyers special

We are pleased on announce a new low deposit mortgage product from one of our major lending partners.

The ‘family springboard’ product offers the first time buyer an exceptionally competitive 2.99% fixed rate over three years with a deposit from just 5%.

lending is subject to full underwriting and lenders criteria

In order to arrange the springboard mortgage a family member ( or members) will need to support you by depositing a sum equivalent to 10% of your purchase price with the lender.

The lender returns the family money with interest after three years assuming all springboard mortgage payments are made in full and on time.

Bear in mind that your family money is security on your mortgage and therefore your supporter will not be able to access the funds in the first three years. Also, failure by you as the borrower to make the full regular payments on your mortgage will put your family cash at risk.

low deposit mortgage example

  • Purchase price £200,000
  • Your deposit £10,000
  • Family funds £20,000
  • Mortgage £170,000
  • Monthly payment £812

assumes mortgage on 25 year term capital repayment basis

Key benefit

Your family are not acting as guarantors on your springboard mortgage. A guarantor would guarantee 100% of the mortgage.

Your family 10% cash is not locked into your property.

Your family are simply helping out on the deposit. So they won’t be responsible for maintaining the repayments on your springboard mortgage if you default ( although their supporting funds under deposit with the lender would be at risk).

We expect incredibly high demand for this product so interested parties should call us now on 020 8979 9684.

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