- Hujjat will deposit 10% of the property value in a Barclays savings account
- Barclays will loan to qualifying individuals
- 100% at 2.69%
- 95% at 2.49%
- Fixed for 3 years*
- After 3 years, Hujjat’s money is returned so long as all payments have been made on time
- The home buyer must have been in employment for 3 years
- They must be a first time buyer with no other property (residential or commercial)
- This is not available for new home purchases
- The homebuyer must be a member of Hujjat
- The homebuyer must be 18 and over
- Barclays offer mortgages of up to £500,000
- They will lend a multiple of salary (for the combined salary of husband and wife) of 4.5x if the total combined salary is up to £50,000. They will lend 5.5x combined salary if the combined salary is above £50,000.
- The mortgage rate will be 2.69% fixed for 3 years if the homebuyer takes a 100% mortgage*.
- The mortgage rate will be 2.49% fixed for 3 years if the homebuyer takes a 95% mortgage*.
- After 3 years the mortgage will revert to a lifetime tracker mortgage at base + 2.49% (currently 2.99%)*.
More information including the terms & conditions are available at https://www.barclays.co.uk/mortgages/family-springboard-mortgage/
* Mortgage rates may change in the future
If you are interested in applying Barclays will require the following information:
- 3 months bank statements
- 3 months payslips
- Recent P60 form
- Credit check report (e.g. available from www.experion.com for free)
- Proof of address (e.g. recent utility bill)
- Copy of passport
- Completed Hujjat Housing Scheme Application
Please email the information above to email@example.com.
- Send us the required information (see previous slide)
- We shall send the information to Barclays. If they decide you are eligible they will let us know if/how much they are prepare to lend.
- Once you have found a house you may make an offer. If it is accepted you will then meet with Barclays for formal application.
- Barclays will provide a mortgage Offer in Principle letter
- If there are funds available in the Hujjat Housing Scheme, upon signing legal documents with Hujjat funds will be allocated to you.
- Alternatively you will be placed on the waiting list