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Our maximum borrowing age is 85 — that goes for homeowners and income boosters.
If your client’s affordability is limited by their income booster’s age, they might be be able to use our ejector seat feature.
With an ejector seat, we can build an ‘off-ramp’ for the income booster into the mortgage, using smart calculations to work out if the owners will be able to afford the mortgage on their own at that point. It means their mortgage term might not have to be constrained by when their income booster reaches 85.
Get in touch with the team to find out more!
Income boosters need to be a family member: parents and step-parents, grandparents, siblings, aunts, uncles, or children.
Deposit boosters can be anyone the homeowners know — friends or family.
If they want to, income boosters can contribute to the monthly payments.
This lowers the split of the monthly payments the owners have to pay, potentially increasing their affordability and borrowing potential.
If income boosters contribute, they can choose to treat it as a gift, or build up their own equity in the property.
Yes! If you have a client going through a breakup or divorce, an income or deposit booster could help them afford their home on their own.
Remortgaging with an income booster could help boost their affordability. Remortgaging with a deposit booster could help bridge the equity difference.
A deposit booster could also help bring down their LTV, letting them access more borrowing.
Unfortunately, income boosters and deposit boosters aren’t available with an active Help to Buy loan.
However, if you have a client looking to pay off their Help to Buy equity loan, remortgaging to Generation Home with a capital raise up to 90% LTV could help them do it.
CCJs and defaults over £100 have to be satisfied for three years. If under £100, we can sometimes consider these, subject to passing our internal credit score.
We can’t accept any missed mortgage payments in the last three months, or mortgages more than one month in arrears in the last three years.
Any unsecured lending in the last three years can’t be more than one month in arrears.
We can’t accept applicants who have had payday loans in the last 6 months, who have ever been bankrupt, or have had or plan to have an IVA or DMP.
Read more about our adverse credit criteria.