Our income boosters go on the mortgage to help you afford more and make it easier to get on the property ladder.
Income boosters help you borrow enough to buy a home. They are friends or family who go on the mortgage with you, even though they don't plan to live in the property.
In short
A Gen H income booster helps you borrow more by adding their income to the mortgage.
Everyone on the mortgage is equally responsible for it, including the income booster, but how the repayments are divided is up to you.
An income booster can be removed from the mortgage once you can afford the loan on your income alone.
A little more detail
To preserve a first-time buyer’s stamp duty status, an income booster is not on the property deeds, but they are on the mortgage.
Boosters can simply be on standby to help so long as the other borrowers are making monthly payments in full.
Boosters may choose to contribute regularly and, if they do, this will be treated as a gift.
Who can be an income booster?
For mortgages where you have at least a 5% deposit, family members can act as your income booster. This includes:
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Parents (including step-parents)
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Children (including step-children)
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Grandparents
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Siblings (including half-siblings and step-siblings)
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Aunts and Uncles (siblings of parents only)
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Nieces and Nephews
For mortgages where you have a 20% deposit, friends can be income boosters.
Please reach out if you have any questions around income booster eligibility.
