Borrowing enough shouldn't stand in the way
Saving a deposit isn't always the biggest hurdle to buying a home. Sometimes it's being able to borrow enough.
Income Booster might be worth exploring if:
- you'll be living in the property yourself
- you're buying or remortgaging a residential property
- you have a deposit of at least 5%
- you want to increase your borrowing potential using additional income
- you have family or friends who are willing to support your mortgage application by adding their income alongside yours
- everyone involved understands they'll be responsible for the mortgage.
Income Booster is only available in England, Scotland or Wales. It isn't available in Northern Ireland or the Isle of Man.
Ready to find out what's possible?
If this sounds like it could work for you, let's have a chat. Call us on 0345 607 9743.
How Income Booster could help
Everyone's situation is different, but here are a couple of examples of when Income Booster could be worth exploring. These are illustrative examples only.
Understanding the different roles
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Important to know
Everyone named on the mortgage is responsible for keeping up with the mortgage payments. You can agree who makes the regular payments, but if they aren't made, Skipton can ask any borrower to pay. Supporting borrowers will also need to receive Independent Legal Advice before the mortgage completes.
Think Income Booster could help?
Our mortgage teams can explain how Income Booster works, give you an idea whether you could be eligible and talk you through the application process.
Call our friendly mortgage team today on 0345 607 9743.
Frequently asked questions
Income Booster is sometimes known as a Joint Borrower Sole Proprietor (JBSP) mortgage application without them becoming legal owners of the property.
As part of your application, we'll carry out affordability checks for everyone applying for the mortgage. This means we'll need proof of income and outgoings, identification, and we'll complete a credit check. These checks help us make sure the mortgage is affordable for all applicants.
The homeowner is the legal owner of the property and is named on the title deeds.
Everyone named on the mortgage is responsible for keeping up with the payments.
You can agree who will make the regular payments, but if they're not made, we can ask any borrower to pay.
Missed payments could affect everyone's credit history. If payments aren't maintained, the homeowner could lose their home.
Your supporting borrowers could be parents, grandparents, aunts and uncles, siblings or friends, subject to lending criteria.
Yes. Your mortgage term will usually be based on the age of the oldest income-providing borrower.
This could affect how long your mortgage term can be and, as a result, the amount of your monthly repayments. For example, the maximum age limit for all borrowers is usually 75 at the time the mortgage ends. This means if the oldest supporting borrower is 65 at the start of the mortgage, the longest term available would usually be 10 years.
Yes. Supporting borrowers do not need to live in the property. The homeowner must live there as their main residence.
An Income Booster mortgage can have up to four borrowers, with up to four incomes considered. This could mean one main borrower and up to three supporting borrowers.
Yes. Subject to lending criteria.
You should know that Income Booster isn't available with second home purchases, discounted or family purchases, Buy to Let or any other lending schemes (for example Shared Ownership).
Independent Legal Advice helps make sure supporting borrowers understand their responsibilities before entering into the mortgage.
Potentially. Once your initial mortgage deal comes to an end, a supporting borrower may be removed if the remaining borrower or borrowers meet our affordability and lending criteria.
We accept income from retired applicants. This is as long as they meet our age and eligibility requirements.
Ready to find out if Income Booster could work for you?
Speak to a member of our mortgage team today and find out whether it's right for your circumstances.
Call 0345 607 9743.