A Savings as Security mortgage, sometimes called a family guarantor or springboard mortgage, allows first-time buyers to purchase a home without any deposit savings.
Your family member or friend puts 10% of the full property value into a savings account with the mortgage lender. Their money is held for 5-years as security against your mortgage.
Providing you’ve made your monthly repayments with no issues, at the end of the mortgage term your loved one will get their money back, plus any interest that has built up.
Get your springboard mortgage underway in 3 simple steps
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