First-Time Buyers
Family Springboard Mortgages Explained
A Family Springboard mortgage lets you borrow the full price of your home while a family member or friend places 10% of the price in a linked savings account for five years. They get it back with interest if your payments are kept up.
Written and reviewed by Davi Thakar, CeMAP qualified mortgage and protection adviser Updated
A Family Springboard mortgage is Barclays’ version of a savings-backed mortgage. You borrow the full purchase price, so you need no deposit of your own. In exchange, a family member or friend, called a helper, places 10% of the price in a Barclays savings account as security for five years.
If you keep up your payments, your helper gets their money back with interest at the end of the five years. If you do not, some or all of it can be used to cover what you owe.
How it works, according to Barclays
Barclays’ Family Springboard page sets out the main features:
- For you: borrow the full purchase price, own the home in your name, choose a five-year fixed rate and a term of up to 35 years.
- For your helper: open a Helpful Start account in their name, pay in 10% of the price, earn interest for the agreed term and receive the money back afterwards.
- Who can help: family, friends and anyone who wants to help you buy. Helpers can support more than one person at a time.
- Loan size: Barclays shows a minimum loan of £5,000 and a maximum of £500,000.
Illustrative example
You buy a £200,000 home. Your parent places £20,000 in a Helpful Start account, and you borrow £200,000. Over 35 years at an illustrative 5.5%, the repayment would be about £1,074 a month. Over 25 years it would be about £1,228.
If your parent instead gave you £20,000 as a gifted deposit, you would borrow £180,000. At an illustrative 4.5% over 35 years that would be about £852 a month, but your parent would not get the money back.
The comparison shows the trade-off. A Family Springboard mortgage returns your helper’s money but means a bigger loan, usually at a higher rate than a lower loan-to-value mortgage.
Who it suits
- First-time buyers with income to support a mortgage but no deposit saved.
- Families who want to help without giving money away, perhaps because they need the savings back for retirement.
- Buyers who plan to stay put for at least five years, so they are not trying to sell while the property has little equity.
The risks
For your helper:
- The savings are locked away for five years and cannot be withdrawn early.
- If you fall behind on payments, the lender can use some or all of the savings to cover arrears or losses. If you are in arrears at the end of the term, release of the money can be delayed.
- The interest earned may be lower than they could get elsewhere, so they are giving up some return.
For you:
- A 100% mortgage means bigger repayments than borrowing with a deposit.
- You start with no equity. If prices fall, you could be in negative equity and find it hard to move or remortgage in the early years.
- Your choice is limited to one lender’s products, so compare the total cost with other routes.
Missed payments would also affect the person who helped you, which can strain family relationships. Talk openly about what would happen if your circumstances changed.
After the five years
When the term ends and your payments are up to date, the helper’s savings and interest are released. Your mortgage continues as normal, and you can remortgage at the end of your fixed rate. By then you may have built some equity through repayments and any rise in value, which could open up better rates.
Alternatives to compare
| Option | Does your helper get their money back? | Deposit you need | Your helper’s main risk |
|---|---|---|---|
| Family Springboard | Yes, after five years if payments are kept up | None | Savings used if you fall behind |
| Gifted deposit | No | Your gift becomes the deposit | Losing access to the money |
| Guarantor mortgage | Not applicable | Varies | Paying your mortgage if you do not |
| Joint borrower sole proprietor | Not applicable | Usually 5% or more | Full liability for the whole loan |
| 100% mortgage for renters | Not applicable | None | None, but criteria are strict |
Our first-time buyer mortgage guide explains every route.
Family Springboard FAQs
How does the Barclays Family Springboard mortgage work?
You borrow the full purchase price. A helper places 10% of the price in a Barclays Helpful Start account for five years as security. If your payments are kept up, they get the money back with interest.
Who can be a helper?
Barclays says family, friends and anyone who wants to help someone they know buy a home can be a helper.
Can the helper lose their money?
Yes. If you fall behind on payments, Barclays can use some or all of the savings to cover what is owed, and release can be delayed if you are in arrears at the end of the term.
Do I still get first-time buyer Stamp Duty relief?
If you qualify as a first-time buyer, yes. The helper is not buying the property, so their savings do not change who the purchaser is.
Is a Family Springboard mortgage better than a gifted deposit?
It depends. Your helper gets their money back, but you borrow more, usually at a higher rate. A gift means a smaller, cheaper mortgage but the money is gone. Compare the total cost for your family.
Talk it through with us
We can compare a Family Springboard mortgage with a gifted deposit, a joint borrower sole proprietor mortgage and standard 95% mortgages, using your real figures. Your initial consultation is free.
Talk through your mortgage options
Tell us about your plans and circumstances. Your initial consultation is free.
Talk through your mortgage options
Tell us about your plans and circumstances. Your initial consultation is free.
Written and reviewed by Davi Thakar
Director & Senior Mortgage Broker
CeMAP Qualified Mortgage and Protection Adviser
Davi founded Option Finance with a vision to deliver transparent mortgage advice from a wide panel of lenders. With over 10 years in financial services, he specialises in complex cases including adverse credit, self-employed borrowers with limited trading history, and large buy-to-let portfolios. He works directly on complex cases and explains each option clearly.
Meet Davi Thakar
