Our Income Booster, also known as Joint Borrower Sole Proprietor (JBSP), allows you to add up to 3 extra people onto a mortgage, without making them a legal owner of the property. We factor in all of the incomes during the application, which could allow you to borrow more than if you were taking out a mortgage on your own. All borrowers will then share the legal responsibility for paying the mortgage.
How does an Income Booster work?
This is a joint mortgage. By helping increase the amount you could borrow through assessing your income along with the income of your friends or family, you could get onto, or move up the property ladder. This means you might be able to look for the size or location you need which may not have been possible using just your own income.
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 as long as you have at least 5% deposit.
- We have no restrictions around the relationship between you and your supporting borrowers. This means we accept friends as well as family
- We could accept up to 4 applicants and up to all 4 incomes
- The main borrower(s) must reside in the property
- All supporting borrowers must get independent legal advice before applying
You can agree with your additional borrowers whether or not they need to contribute to regular repayments, but all parties need to be aware that they will be liable to make any repayments if you are unable to.
How do I apply?
- Call our friendly mortgage team who can check your affordability and arrange a Decision in Principle (DIP). A DIP gives an indication as to how much you could borrow from us.
- If your DIP is approved, we’ll arrange a mortgage advice appointment for you either over the phone or by our Video Appointment service - Skipton Link.
- During the appointment, your dedicated mortgage adviser will recommend a suitable mortgage from our range and prepare your full application.
- At the end of the appointment, we'll take you through all the documentation, next steps for application and answer any questions you might have.
If you would like to find out more about the next steps of your buying journey, read our helpful how to buy a house guide.
What are the benefits?
Increase your borrowing power
With up to four income sources taken into consideration, you could have a better chance of climbing onto or up the property ladder by increasing the
borrowing amount available to you when looking for a property.
Additional borrowers can be removed in the future
Your additional borrowers are there to help you as a ‘stepping stone’ into your home, but if you are able to 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 deal period.
No difference to first-time buyer stamp duty relief
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 – and neither will your
mortgage’s tax position.
What do I need to consider?
The age of your additional borrowers could impact your repayments
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, so if your eldest supporting borrower was 65 then the longest mortgage term we might be able to offer would be 10 years.
Everyone on your mortgage is liable for the debt
If the regular repayments aren’t made in full and on time, then everyone’s credit history could be affected and the occupier could risk losing their home.
We’ll need to complete affordability checks for everyone
As part of your application, we’ll complete a full assessment for all borrowers, including proof of income, outgoings, identification and a credit check. This is to
check that the mortgage is affordable for all applicants.
The Income Booster isn’t available with:
- Second Home purchase
- Discounted or Family Purchases
- Buy To Let
- Any other lending schemes e.g. Shared Ownership
Legal advice for additional borrowers
The non-proprietor will be required to obtain independent legal advice.