Mortgage Advice That You Can Trust – Mortgages-OnlineMortgages-Online, Mortgage Advice and Arranging, mortgage calculator uk.#Mortgage


Mortgage Advice That You Can Trust

Mortgages-Online are a team of mortgage advisers providing mortgage advice NATIONWIDE by remote means. Mortgage advice is delivered via the Internet, telephone and sometimes face to face. We have a wealth of experience having provided online mortgage advice since 1997.

A professional mortgage broker is likely to save you money when a arranging your mortgage. Unlike a lender that can only offer a limited range of mortgages, Mortgages-Online can choose from thousands of mortgages from many lenders. With such a vast choice of mortgage products you can be confident of finding the best mortgage.

It can be time consuming if you have to provide information to more than one lender. Once we understand your needs Mortgages-Online will eliminate lenders that cannot help, determine which lender is the most suitable and then make an application on your behalf. It s all rather painless and we can apply this principle the next time you apply for a mortgage, saving you time both now and in the future.

What next?

Either telephone and speak directly with a mortgage adviser or complete an enquiry form and we will contact you.

Our initial consultation is FREE and we will be able to tell you immediately whether or not we can help. If we can help then we will need to gather some fairly detailed information; this is something that every lender and mortgage broker must do.

We can start the mortgage application process either before or after you have found a property. Throughout the process we will liaise with the lender and any third parties to keep you updated.

We can also help you with life assurance, buildings and contents and finding a solicitor if you do not have one in mind. We offer a one stop shop for friendly, unbiased mortgage advice that you can trust.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgages-Online is authorised and regulated by the Financial Conduct Authority, No. 442328. Some of our services may not be regulated by the Financial Conduct Authority.

Initial consultation is free. If you decide to proceed with our service then a fee may be charged for our advice. See Charges.

We can recommend mortgages from the whole of market.

Your details remain confidential and are not shared with third parties except solely for the purpose of arranging a mortgage and related products that you purchase through us.


Mortgage calculator uk#Mortgage #calculator #uk


Mortgage Calculator UK

The UK Mortgage Calculator is a fixed-interest mortgage calculator especially customized for UK users with the GBP as the currency. Just change the values in the following fields and click “Calculate” to use.

Mortgage calculator uk

Interest Only: 781.25

Monthly Repay: 1,096.11

There are some special tricks that will help in getting a mortgage, especially for the first time, in the United Kingdom. UK banks are very businesslike, so the more that you can show good preparation for the process, the better the reception you will get. You definitely want to have your papers in order, so the banker doesn’t have to waste time pulling them together for you.

You should have ready:

  • Your addresses for the last three years, with no gaps
  • Your pay information or income information for the last three months, as well as three years of income records.
  • Your bank statements for at least the past three months, and usually it’s wise to have a full year.
  • Documentation of any loans or credit cards.

Having all this together in proper form will put you a step ahead with the bank. Then, you should check your credit score with Equifax to see that you have no issues. If you do have some, it is best to raise them yourself with the banker before the bank runs a check.

Assuming you do have good credit in the UK, it is still possible to borrow with a relatively small down payment, according to the London-based financial information service Moneyfacts. There are now 49 mortgage loan products requiring a deposit of as little as 5 percent of the property value. This changes with market condition though.

Most banks in the UK favor variable-rate mortgages in one form or another. There are a wider variety of mortgages of this type in the UK than there are available in the U.S. For example, UK banks offer a number of kinds of tracker mortgages. These are basically a type of variable rate mortgage. What makes them different from other variable rate mortgages is that they follow track movements of another rate. Most commonly the rate that is tracked is the Bank of England base rate, but it is quite possible to arrange a tracker that follows another rate. Some mortgages start out as trackers, and then, after a few years, become standard variable-rate mortgages.

As Moneyfacts points out, introductory tracker rates can be amongst the very lowest mortgage interest rates available. However, like all variable rates they can go up as well as down. Also most introductory tracker rates will most likely have an Early Repayment Charge if you remortgage or repay the mortgage during the introductory period. If you’re on a lifetime tracker mortgage there will sometimes be an Early Repayment Charge for a period after you take it out.

Another unusual UK mortgage is the flexible mortgage. With this kind of mortgage, you can overpay, underpay, and even take a payment holiday from your mortgage from time to time. The overpayment feature allows you to pay the loan down faster, either in lump sums or as part of the regular payment process. The underpayment feature lets you make lower monthly payments from time to time. Payment holidays allow you to go without paying some banks allow up to six months.

None of these features come without special charges and conditions, so you should shop around carefully and compare the costs when taking out a mortgage of this kind.

Another particular aspect of mortgages in the UK is stamp duty. This is a tax that is payable when you buy a property. Stamp Duty is charged as a percentage of the purchase price. Depending on which price bracket your property falls in, the percentage you pay can vary:

From 925,000 to 1.5 million 10%

Over 1.5 million 12%

The Stamp Duty rate above is effective from 4 December 2014.


Mortgage Advice That You Can Trust – Mortgages-OnlineMortgages-Online, Mortgage Advice and Arranging, mortgage calculator uk.#Mortgage


Mortgage Advice That You Can Trust

Mortgages-Online are a team of mortgage advisers providing mortgage advice NATIONWIDE by remote means. Mortgage advice is delivered via the Internet, telephone and sometimes face to face. We have a wealth of experience having provided online mortgage advice since 1997.

A professional mortgage broker is likely to save you money when a arranging your mortgage. Unlike a lender that can only offer a limited range of mortgages, Mortgages-Online can choose from thousands of mortgages from many lenders. With such a vast choice of mortgage products you can be confident of finding the best mortgage.

It can be time consuming if you have to provide information to more than one lender. Once we understand your needs Mortgages-Online will eliminate lenders that cannot help, determine which lender is the most suitable and then make an application on your behalf. It s all rather painless and we can apply this principle the next time you apply for a mortgage, saving you time both now and in the future.

What next?

Either telephone and speak directly with a mortgage adviser or complete an enquiry form and we will contact you.

Our initial consultation is FREE and we will be able to tell you immediately whether or not we can help. If we can help then we will need to gather some fairly detailed information; this is something that every lender and mortgage broker must do.

We can start the mortgage application process either before or after you have found a property. Throughout the process we will liaise with the lender and any third parties to keep you updated.

We can also help you with life assurance, buildings and contents and finding a solicitor if you do not have one in mind. We offer a one stop shop for friendly, unbiased mortgage advice that you can trust.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgages-Online is authorised and regulated by the Financial Conduct Authority, No. 442328. Some of our services may not be regulated by the Financial Conduct Authority.

Initial consultation is free. If you decide to proceed with our service then a fee may be charged for our advice. See Charges.

We can recommend mortgages from the whole of market.

Your details remain confidential and are not shared with third parties except solely for the purpose of arranging a mortgage and related products that you purchase through us.


Offset mortgage calculator, Barclays, mortgage calculator uk.#Mortgage #calculator #uk


Offset mortgage calculator

See how much your could save

Use our offset mortgage calculator to see how your savings could reduce your mortgage term or monthly payments.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Offset mortgage calculator

The results from the calculator are just examples to help you plan your budget. It doesn’t provide all the details you need to choose a mortgage. We’ve also made certain assumptions 1 to let us calculate the example figures for you.

Offset savings will not automatically reduce the term of a mortgage balance that is partly interest only, just the amount of interest paid. To do this, you can

  • Continue to pay the contractual monthly mortgage payment to reduce the mortgage balance.
  • Use your savings to make overpayments to reduce the mortgage balance, as this will not be done automatically. Once your outstanding mortgage balance is the same or less than your savings balance, you can then pay off the outstanding amount.

The savings you have entered would not reduce your term

Offset savings will not automatically reduce the term of a mortgage balance that is partly interest only, just the amount of interest paid. To do this, you can

  • Continue to pay the contractual monthly mortgage payment to reduce the mortgage balance
  • Use your savings to make overpayments to reduce the mortgage balance, as this will not be done automatically. Once your outstanding mortgage balance is the same or less than your savings balance, you can then pay off the outstanding amount.

Talk to us online

Start a web chat if you’d like to ask us a question online.

Call us

Call us 2 today. Lines are open all day, every day – except during the Christmas period, when they may be closed at off-peak times.

Important information

The rates shown in this tool are for illustration purposes. The offset rates currently available to you will be based on the ratio of borrowing against your property value. Other product restrictions may apply and mortgages are subject to personal circumstances.

The mortgage is a repayment mortgage. The tool should not be used for calculations relating to an interest -only or part-and part-mortgage.

Where you provide an interest rate, we’ll assume this interest rate applies for the mortgage term.

Any product fees or associated costs are not included in the interest calculation and are therefore not included in this illustration.

We will assume that the benefit of any savings and/or current account balances will start from the 1st of the month and we will assume that there are 12 months in a year.

To maintain a quality service, we may monitor or record phone calls. Call charges

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC adheres to The Standards of Lending Practice which is monitored and enforced by The Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.

Mortgage calculator uk

Mortgage calculator uk

Mortgage calculator uk


Mortgage Calculator – Tools UK #bankrate #loan #calc


#uk mortgage calculator

#

first direct Cookie Policy
We use cookies to give you the best possible experience on our website. By continuing to browse this site, you give consent for cookies to be used. For more details, including how you can amend your preferences, please read our Cookie Policy.

JavaScript is currently disabled on this computer/device. As such, cookies for this site are currently disabled. In order to have access to all the features of our fully-optimised website, please enable your JavaScript settings via your browser. For a list of all the cookies we use and what they do, please read our Cookie Policy.

Contact us

New to first direct

Existing account holders

Existing
mortgage
holders

Other mortgage enquiries

Amend your existing online application

If you’ve recently applied for your first direct mortgage online and wish to make any amendments to your application, you’re able to change the following online:

  • loan amount
  • mortgage term
  • mortgage type (i.e. change from offset to repayment only)
  • interest rate (e.g. change from fixed, tracker or standard variable)

In order to make amendments, you’ll need to:

1. Use our ‘Find a mortgage for you’ tool to find the mortgage you would now wish to change to – remembering to select ‘Amending an existing application’ in the ‘I am..’ field.

2. Once you’ve selected the mortgage, you’ll then need to click on ‘Full details’. followed by ‘How to Apply’ .

3. Then simply follow the on-screen instructions.

Please Note: You’ll need to complete a new mortgage application if you want to make any other amendments to your online mortgage application or if your application was submitted over five months ago. If you do not wish to amend your interest rate, but cannot find the interest rate you originally applied for, please call us on 03 456 100 103 .

Important Notes

first direct Offset Mortgages are interest only mortgages. The monthly payments shown on the next screen will cover only the interest charged on your mortgage.

This payment does not cover an amount that you need to pay to a repayment strategy. You are responsible for making your own arrangements to repay your mortgage at the end of the mortgage term.

You must demonstrate that you have a suitable repayment strategy in place. You may choose to use an endowment policy or another investment or savings plan.

Mortgage Calculator


Expat Mortgages UK – Special Mortgages for UK Expats #interest #only #mortgages


#international mortgage

#

Expat Mortgages Experts

INTERNATIONAL MORTGAGE PLANS (IMP ) are the UK’s leading independent providers of expat mortgages for UK expats purchasing or refinancing UK property for family use or commercial letting. IMP also provide mortgages for foreign nationals looking to finance property in the UK.

Established in the UK in 1975 and in Hong Kong in 1987, IMP are also represented in most expatriate locations. We access the mortgage market via a constantly reviewed panel of bank and building society lenders. Expatriate mortgage finance facilities are available to individuals and intermediaries.

Current Market Conditions – With lenders terms and criteria changing daily please complete our online expat mortgage enquiry form. This will enable us to let you know which terms are available to you and make a specific recommendation.

Browse our site to find details of current expatriate mortgage lenders offers, Exclusive remortgage and buy to let schemes. No obligation quotation available via our online mortgage enquiry form

International Mortgage Plans (IMP ) have numerous plans with mortgage lenders that will cater for expats purchasing or remortgaging their main UK property or UK Buy-to-Let properties, be it one property or multiple properties. We have arrangements that will cater for offshore companies and trusts looking to arrange finance on UK properties. Due to our established track record with lenders over a number of years IMP are able to obtain bespoke terms for loans over 1 million.

Our IMP mortgage news gives details of the UK mortgage market and the latest property news. For details of our current exclusive mortgage schemes please see our Expat mortgage rates and Buy-to-Let mortgage pages.

For UK residents we can send you details of our current market leading buy to let mortgage terms

You can contact us by phone, email or complete our online enquiry form and we will respond to your needs.

International Mortgage Plans are authorised and regulated by the Financial Conduct Authority our registration number is 302775 and we hold Consumer Credit Licence number 648312 navigate around this site please click on the buttons on the right or visit our table of contents

Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.

Protect your property investments with Domestic Sprinklers


Mortgage Calculator UK #mortgage #modification #program


#mortgage loan amortization

#

Mortgage Calculator UK

There are some special tricks that will help in getting a mortgage, especially for the first time, in the United Kingdom. UK banks are very businesslike, so the more that you can show good preparation for the process, the better the reception you will get. You definitely want to have your papers in order, so the banker doesn’t have to waste time pulling them together for you.

You should have ready:

  • Your addresses for the last three years, with no gaps
  • Your pay information or income information for the last three months, as well as three years of income records.
  • Your bank statements for at least the past three months, and usually it’s wise to have a full year.
  • Documentation of any loans or credit cards.

Having all this together in proper form will put you a step ahead with the bank. Then, you should check your credit score with Equifax to see that you have no issues. If you do have some, it is best to raise them yourself with the banker before the bank runs a check.

Assuming you do have good credit in the UK, it is still possible to borrow with a relatively small down payment, according to the London-based financial information service Moneyfacts. There are now 49 mortgage loan products requiring a deposit of as little as 5 percent of the property value. This changes with market condition though.

Most banks in the UK favor variable-rate mortgages in one form or another. There are a wider variety of mortgages of this type in the UK than there are available in the U.S. For example, UK banks offer a number of kinds of tracker mortgages. These are basically a type of variable rate mortgage. What makes them different from other variable rate mortgages is that they follow track movements of another rate. Most commonly the rate that is tracked is the Bank of England base rate, but it is quite possible to arrange a tracker that follows another rate. Some mortgages start out as trackers, and then, after a few years, become standard variable-rate mortgages.

As Moneyfacts points out, introductory tracker rates can be amongst the very lowest mortgage interest rates available. However, like all variable rates they can go up as well as down. Also most introductory tracker rates will most likely have an Early Repayment Charge if you remortgage or repay the mortgage during the introductory period. If you’re on a lifetime tracker mortgage there will sometimes be an Early Repayment Charge for a period after you take it out.

Another unusual UK mortgage is the flexible mortgage. With this kind of mortgage, you can overpay, underpay, and even take a payment holiday from your mortgage from time to time. The overpayment feature allows you to pay the loan down faster, either in lump sums or as part of the regular payment process. The underpayment feature lets you make lower monthly payments from time to time. Payment holidays allow you to go without paying some banks allow up to six months.

None of these features come without special charges and conditions, so you should shop around carefully and compare the costs when taking out a mortgage of this kind.

Another particular aspect of mortgages in the UK is stamp duty. This is a tax that is payable when you buy a property. Stamp Duty is charged as a percentage of the purchase price. Depending on which price bracket your property falls in, the percentage you pay can vary:

Up to 125,000 0%
Over 125,000 to 250,000 1%
Over 250,000 to 500,000 3%
Over 500,000 to 1 million 4%
Over 1 million to 2 million 5%
Over 2 million 7%

Stamp Duty is charged on the whole amount of the property price so a property priced at 126,000 will be charged 1% of the whole price, or 1,260.


Mortgage Calculator – Tools UK #www.mortgage #calculator


#uk mortgage calculator

#

first direct Cookie Policy
We use cookies to give you the best possible experience on our website. By continuing to browse this site, you give consent for cookies to be used. For more details, including how you can amend your preferences, please read our Cookie Policy.

JavaScript is currently disabled on this computer/device. As such, cookies for this site are currently disabled. In order to have access to all the features of our fully-optimised website, please enable your JavaScript settings via your browser. For a list of all the cookies we use and what they do, please read our Cookie Policy.

Contact us

New to first direct

Existing account holders

Existing
mortgage
holders

Other mortgage enquiries

Amend your existing online application

If you’ve recently applied for your first direct mortgage online and wish to make any amendments to your application, you’re able to change the following online:

  • loan amount
  • mortgage term
  • mortgage type (i.e. change from offset to repayment only)
  • interest rate (e.g. change from fixed, tracker or standard variable)

In order to make amendments, you’ll need to:

1. Use our ‘Find a mortgage for you’ tool to find the mortgage you would now wish to change to – remembering to select ‘Amending an existing application’ in the ‘I am..’ field.

2. Once you’ve selected the mortgage, you’ll then need to click on ‘Full details’. followed by ‘How to Apply’ .

3. Then simply follow the on-screen instructions.

Please Note: You’ll need to complete a new mortgage application if you want to make any other amendments to your online mortgage application or if your application was submitted over five months ago. If you do not wish to amend your interest rate, but cannot find the interest rate you originally applied for, please call us on 03 456 100 103 .

Important Notes

first direct Offset Mortgages are interest only mortgages. The monthly payments shown on the next screen will cover only the interest charged on your mortgage.

This payment does not cover an amount that you need to pay to a repayment strategy. You are responsible for making your own arrangements to repay your mortgage at the end of the mortgage term.

You must demonstrate that you have a suitable repayment strategy in place. You may choose to use an endowment policy or another investment or savings plan.

Mortgage Calculator


Mortgages Frequently Asked Questions – Santander UK #canada #mortgage #calculator


#standard mortgage

#

Mortgages frequently asked questions

Order a redemption statement by calling or writing to us using the details below:

Santander Mortgages:
Santander Mortgage and Loan Operations, Bridle Road, Bootle, L30 4GB
Tel: 0800 917 5630. 8am to 7pm Monday to Friday and 9am to 1pm Saturday.

Alliance Leicester Mortgages
Santander, Image Document Centre, Carlton Park, Narborough, LE19 0AL
Tel: 0800 917 5630. 8am to 7pm Monday to Friday and 9am to 1pm Saturday.

Our tariff of mortgage charges shows our current charges. We send a copy of our current tariff of mortgage charges each year with the annual mortgage statement.

What is your account fee?
The account fee is the fee for managing your mortgage account and also includes closing your mortgage account when your mortgage ends. It only has to be paid once during the life of your mortgage on your property. You can pay it on completion, or it can be deferred until the end of your mortgage. Please note the fee won’t increase throughout the life of your mortgage on your property.

We do not currently offer new Buy to Let mortgages through the branch or over the phone however we do offer these through Independent Financial Advisers. If you have an existing Buy to Let mortgage and you have a query, please call us on 0800 917 5630. Lines are open 8am to 7pm Monday to Friday and 9am to 1pm Saturday.

The Mortgage Credit Directive (MCD) is new European legislation which must be implemented in the UK and across Europe by 21 March 2016 we ll be implementing the changes ahead of this date. Although the UK has a robust set of regulations, following the Mortgage Market Review in 2014, MCD is there to provide standardisation across the European Union.

It will affect you if you re buying your first home, moving home, remortgaging to us from another lender or taking out an additional loan with your existing lender.

There are four key changes:

1. European Standardised Information Sheet
There is a new form of illustration which is called the European Standardised Information Sheet (ESIS). It will eventually replace the Key Facts Illustration (KFI) which is currently used for all mortgages and which is like a quotation for a specific mortgage deal.
Whilst the format is different and information may be in different sections, the key points are still displayed in both the ESIS and KFI.
From 21 March, lenders have the option of using the ESIS or keeping the KFI but with the additional MCD information – we re continuing to use the KFI. All lenders must use the ESIS from March 2019.

2. Annual Percentage Rate (APR)
The APR allows you to compare the overall cost of mortgage deals from all lenders. For those lenders using the ESIS this will be called the Annual Percentage Rate of Charge (APRC). The APR and APRC costs can still be compared across lenders when comparing a KFI and the ESIS.

MCD also requires us to provide a second APR. This needs to be provided for mortgages which have a variable interest rate at some point during the mortgage term e.g. fixed rate mortgage changing to our Standard Variable Rate or a tracker rate mortgage. This second APR shows the cost of a mortgage should interest rates rise to a 20 year historic high it is purely for illustrative purposes.

3.Reflection period and binding offer
We need to provide you with a reflection period lasting at least seven days. This is to give you a chance to review your mortgage offer, make comparisons and assess the implications of accepting it and taking out a mortgage. This reflection period will begin when we issue your mortgage offer.

From 21 March, the mortgage offer you receive from a lender will be binding on the lender, meaning it cannot be withdrawn without there being a justifiable reason, for example:

  • a material change relating to your offer such as mortgage amount
  • where false and/or inaccurate information has been provided
  • if the Conveyancer is unable to confirm requirements such as a satisfactory certificate of title

4. Foreign currency mortgages
Although we only offer mortgages in pounds sterling, we do consider employed income and/or interest only repayment vehicles in a foreign currency. Where this is the case, the mortgage is classified as a foreign currency mortgage. With a foreign currency mortgage you need to be aware of the implications of exchange rate fluctuations. If the value of the foreign currency moves against you, it could become more difficult to afford your monthly mortgage payments and/or repay your interest only mortgage.

Within the KFI we show the impact of a 20% adverse movement in the foreign exchange rate. Once your mortgage has completed, we’ll monitor the exchange rate and if it moves against you by 20%, we’ll write to let you know.

If you have any questions please contact us.

You only pay back the interest with each monthly payment so at the end of your mortgage term you still owe the amount you borrowed when you took out the mortgage.

Most lenders insist you put a repayment plan in place for the original amount you borrowed an investment designed to raise the money you need to pay off the initial capital at the end of your mortgage.

With this option you’re guaranteed to pay off your entire mortgage by the end of the term, provided you don’t miss any payments.
The amount that you pay each month is made up of capital and interest and is calculated to repay all of your mortgage by the end of the term.

There are a number of options open to you. Your options could include:

1. Change your mortgage from an interest only to a repayment mortgage with, or without, changing your mortgage term.

2. Make overpayments on your interest only mortgage to reduce the capital outstanding, with the aim of paying it back by the end of the mortgage term. You can overpay up to 20% each calendar year (January to December) on any interest only fixed rate loan amount without paying an early repayment charge. This offer will be withdrawn on 31 December 2016 and will change to 10% of your loan amount. If you ve got an Alliance Leicester mortgage, you can overpay up to 20% on any interest only fixed rate loan amount in January of each year without paying an early repayment charge. This offer will be withdrawn on 31 January 2017 and will change to 10% of your loan amount.

The majority of our tracker rates and Standard Variable Rate mortgages allow you to make unlimited overpayments without paying an early repayment charge. Check your original Key Facts Illustration for more details.

3. Consider selling your property or any other assets you hold, to pay back your interest only mortgage and consider downsizing to a lower value property.

Talk to us
We can help you understand the options available to you. Call us on 0800 085 0980. Lines are open 9am to 5pm Monday to Friday.

Talk to an Independent Financial Adviser (IFA)
They may charge a fee but can help you work out the best plan for you. Find an Independent Financial Adviser in your area

When you talk to either us or an independent financial adviser, it can help to have a good idea of:

current and future expenses

the value of your home

how much you owe on your mortgage

You may also be interested in


Barclays offers zero down payment mortgages in UK – May #online #mortgage


#zero down mortgage

#

They’re back! Barclays offers 0% down payment mortgages in UK

When the global financial crisis exploded, economists were quick to lay some of the blame on mortgages that did not require a down payment.

The risky loans all but vanished as banks reacted to the housing market collapse. Even as interest rates dropped, down payment requirements moved higher.

But now they’re back: Barclays ( BCS ) has become the first big British bank to offer 0% down payment mortgages since the crisis as part of a program called “Family Springboard.” There is a catch, however.

Barclays will grant a mortgage to buyers with no down payment provided a “helper” (read: parent) is willing to put 10% of the purchase price into a savings account. If the buyer makes their loan payments, the bank will return the 10% deposit after three years, with interest.

There’s a logic to the scheme: Barclays said that 35% of first time buyers in the U.K. ask their parents for help when securing a mortgage. Of those, 20% see the money as a gift from the “bank of Mum and Dad.”

Buyers do face a tough market — especially in London. UBS says prices in the city have jumped 40% since 2013 alone. In response, the government has tried to tamp down the market with higher taxes on second homes and property transactions.

Under the Barclays program, first time buyers with incomes above £50,000 per year ($72,000) can borrow up to 5.5 times their annual earnings.

“We want to offer more people a way to get on the property ladder and to walk through the door of their first home earlier than they perhaps thought,” said Raheel Ahmed, head of Barclays Mortgages.

Home loans with low down payments have also made a comeback in the U.S. Fannie Mae and Freddie Mac, which guarantee more than half the country’s mortgages, have slashed minimum down payments from 5% to 3%.

Bank of America ( BAC ) is also offering mortgages with as little as 3% down.

CNNMoney (New Delhi) First published May 4, 2016: 9:27 AM ET