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Our Income Booster, also known as Joint Borrower Sole Proprietor (JBSP), allows you to add up to three extra people onto a mortgage, without making them a legal owner of the property. We factor in all the incomes during the application, meaning you could borrow more than if you were taking out a mortgage on your own.
Income Booster is a joint mortgage, so all borrowers will share the legal responsibility for paying the mortgage.
By including more people on your mortgage, you could borrow a higher amount. This is because your income will be assessed along with the income of your friends or family.
It could be the extra boost you need to get onto, or move up, the property ladder.
Our Income Booster isn’t just for first-time buyers, it’s also available for re-mortgages and new purchases. The Income Booster can be used with any of our standard residential mortgages. Although you need a deposit of at least 5%.
There are no restrictions around the relationship between you and your supporting borrowers. This means we accept friends as well as family.
In total, we could accept up to four applicants and up to all four incomes.
The main borrower(s) must live in the property.
All supporting borrowers must get independent legal advice before applying.
You can agree with your additional borrowers whether they need to contribute to regular repayments. However, all parties need to be aware that they will be liable to make any repayments if you are unable to.
The occupier could lose their home if the mortgage repayments are not kept up to date.
With up to four income sources taken into consideration, you could have a better chance of climbing onto, or up, the property ladder. That’s because it will increase how much you could borrow to buy a home.
Your additional borrowers are there to help you as a ‘stepping stone’ into your home. But if you can afford the property on your own, they can be removed from the mortgage (subject to passing our affordability checks). You can only do this once you reach the end of the initial mortgage deal period.
Your additional borrowers won’t be listed on your home’s deeds. So any eligible first-time buyers’ stamp duty relief won’t be affected. Neither will your mortgage’s tax position.
Your mortgage term will be capped, based on the age of the oldest income-providing borrower.
For example, the maximum age limit for anyone to finish paying their mortgage is usually 75.
Let’s say your eldest supporting borrower is 65. The longest mortgage term we might be able to offer is 10 years.
If the regular repayments aren’t made in full and on time, everyone’s credit history could be affected. The occupier could also risk losing their home.
As part of your application, we’ll complete a full assessment for all borrowers. This includes proof of income, outgoings, identification, and a credit check. This is all to check the mortgage is affordable for all applicants.
The people who are supporting the mortgage (known as non-proprietors) will be required to get independent legal advice.
No. Anyone who meets our eligibility criteria is welcome. So that’s friends, parents, grandparents, aunts and uncles, siblings, or children of someone on the application.
No. They won’t be legal owners of the property and won’t be named on the title of the property.
You can remove additional borrowers once you reach the end of your initial fixed term. This is as long as you pass our affordability check and meet our eligibility criteria on your own.
We accept income from retired applicants. This is as long as they meet our age and other eligibility requirements. Please get in touch with us on 0345 266 7715.
Yes. They can live in the property even if they aren’t named as the legal owner of the property. The main borrower(s) must live in the property.
