If your referring to the springboard mortgage then yes, in essence, the person who puts down the initial deposit will get the money back plus interest earned ☺️
@@deetalks7766 therefore after 5 year or 3 year the helpers get back the full amount plus the interest and the buyer pays the £200,000 mortgage correct? And in case if miss a mortgage payments?
@@MM-bf1zm yes that is correct. If you miss a mortgage payment whilst the helpers money is still fixed in, then a penalty gets added to the helpers funds. If after then just the standard penalties apply. They can take your home remember and credit score is affected
So that means they can borrow 100% £200,000 and after 5 years what's happening to the £20,000? He can take the £20,000 back?
If your referring to the springboard mortgage then yes, in essence, the person who puts down the initial deposit will get the money back plus interest earned ☺️
@@deetalks7766 therefore after 5 year or 3 year the helpers get back the full amount plus the interest and the buyer pays the £200,000 mortgage correct?
And in case if miss a mortgage payments?
@@MM-bf1zm yes that is correct. If you miss a mortgage payment whilst the helpers money is still fixed in, then a penalty gets added to the helpers funds. If after then just the standard penalties apply. They can take your home remember and credit score is affected
@@deetalks7766 thank you very helpful