Income boosters can be used on both purchases and remortgages
We will factor income boosters' disposable income into our affordability calculations to increase the amount we can lend. Please note that we apply additional tests to make sure the owners are not excessively reliant on the boosters.
For the most accurate affordability figure please use our affordability calculator.
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. This is structured like a Joint Borrower Sole Proprietor (JBSP) mortgage.
Income boosters are subject to the same credit checks, eligibility criteria, and evidence requirements as the owners, as detailed elsewhere in this guide. However, our ejector seat feature can be used to extend the term by removing boosters part way through the term so they do not exceed our maximum age criteria.
On mortgages up to and including 80% LTV, friends and family can act as income boosters.
On mortgages up to and including 95% LTV, only close relatives can act as income boosters.
If income boosters choose to contribute to the mortgage, this will be treated as a gift.
Income boosters must take independent legal advice (ILA) at their own cost.
Income boosters residing in the security
May reside in the security, subject to underwriter discretion and where they meet the following: - The income booster is not currently on the title (i.e. they cannot be the vendor or be removed via a transfer of equity) - The income booster is not a deposit booster OR providing any gifted deposit - The income booster receiving mandatory ILA in relation to their occupancy (This is in addition to standard income booster ILA & must be carried out face-to-face)
Where the income booster is the customer's spouse or civil partner - a strong rationale must be provided prior to submission of the application - these will be considered on a case-by-case basis. The relationship status of 'other' must be selected.
Note that all customers, including income boosters, are liable for the full mortgage repayment.
Visit the income booster page on our website for more information about the income booster proposition.