We factor in incomes from all applicants, which could allow your client to borrow more than if they were taking out a mortgage on their own. All borrowers will then share the legal responsibility for paying the mortgage.
Increase borrowing power
"A fantastic way... to support would-be first time buyers
Whether we call it Income Booster, Joint Borrower, Sole Proprietor, or JBSP, what’s clear is this could be a way for parents, guardians, friends or family to support buyers, and tackle the affordability challenges faced when getting onto, or moving up the property ladder."
Jennifer Lloyd
Head of Mortgage Products and Proposition
Our key policy
Our Income Booster scheme is available for new purchases, customers changing from a standard mortgage to an Income Booster or for the remortgage of an existing Income Booster mortgage. Our key policy includes:
- We will accept up to four applicants and up to all four incomes.
- There are no restrictions around the relationship between the main borrower and the supporting borrower (known as the non-proprietor).
- The main borrower(s) (proprietor) must reside in the property.
- We will accept 100% of maintenance received and child tax credits as income.
- The maximum LTV is 95% (subject to usual criteria).
- Available on any repayment method (subject to lending criteria). Please note: If on interest only the non-proprietor's residence cannot be the repayment vehicle.
- The maximum term will be based on the oldest income-providing applicant.
- We will accept up to 20% site exposure in any development.
- We won't charge for valuing the property for mortgage purposes where the property is valued at less than £1.5 million.
- 9+3 month offer validity period for New Build properties (6 months otherwise).
- Priority underwriting for New Build purchases, with a 48 hour turnaround time for initial underwrite.
- We have products offering our Remortgage Conveyancing Service.
- Available across the whole of England, Wales and Scotland.
- Any product can be selected from our core residential range, including products with cashback and remortgage products that include the fee assisted conveyancing service.
- Independent legal advice is required for all non-proprietors (not living in the property).
- Not available for Second Home purchase, Discounted or Family Purchases or Buy To Let and not acceptable in conjunction with any other lending schemes e.g. Shared Ownership.
- Remortgage capital raising is acceptable, subject to standard lending policy - additional monies must be for the proprietor's sole and full benefit. The exception to this is where the monies are being used to buy out the non-proprietor's share if currently on the title.
- Normal age and lending into retirement rules apply. We may allow the supporting borrower to go to age 80 if the occupying borrower covers 70% of the total loan request. The maximum term will be based on the oldest income-providing applicant.
Please note: The non-proprietor will be required to obtain independent legal advice, which incurs a cost, a fee-assisted conveyancing service is available for remortgages. In some circumstances, our conveyancer may need to carry out work to make sure our interests are protected, for example, a deed of postponement, for which the fees are not covered by the standard remortgage fees we have agreed with them. These costs will not be included in what we pay for and our conveyancer will ask your client to pay these fees prior to completion of the remortgage.