MORTGAGES
Mortgage Boost
Borrow more with help from your family and friends
Mortgage Boost is a great way for your family and friends to help you borrow more(1), without having to put down any money themselves.
We’ll use your family and friends’ income to help you borrow more. They’ll join the mortgage(2), but they won’t own the property - they’ll help with the monthly payments if needed.
Check you’re eligible
To apply for Mortgage Boost, you’ll need to let us know:
Your living situation
You can apply for Mortgage Boost if you’re buying a new property, remortgaging your current home or letting out a property with a buy-to-let mortgage.
Who’s supporting your application
You need to have a joint borrower you’re happy to be named on the mortgage with.
If you’re using other schemes
You can’t be using any other special schemes, such as Mortgage Guarantee or Family Springboard.
Mortgage Boost example
Imagine you have an income of £40,000 and a deposit of £45,000, and you’re looking at properties worth up to £250,000. However, the property you’re most interested in is £300,000, which is out of your budget.
You can use our mortgage calculators to check if you can afford the monthly payments. Then you can speak to a family member or friend who’s happy to be added to your Mortgage Boost application and use their income to boost your affordability. If we approve it, you can borrow more towards your dream home.
What happens next?
Your family and friends who helped boost your application are named on the joint mortgage, but you’re the sole property owner.
Everyone involved in the application is legally responsible for the mortgage and will need to help with the monthly payments, if needed. Your family and friends will each need to get independent legal advice to make sure they understand the process, how the monthly payments will work and how their credit score and future borrowing might be affected. The legal advice can be from the same firm as the one you use, but it needs to be from a different solicitor.
Speak with family and friends
You’ll need to check they’re happy for you to use their income and spending details to support your mortgage application.
They’ll also need to confirm they understand this could affect their own ability to borrow in the future, and that they’ll also be legally responsible for the mortgage payments and the mortgage itself.
What you can do next
Ask everyone to check their credit history
The financial history of your family and friends can affect how well they can support your application. It’s a good idea to ask them to check their credit history and confirm they understand the mortgage will show up on their credit files before including them in your application.
Use our calculators
Check how much you can borrow and how much you might need to pay based on our current interest rates and products.
Complete an Agreement in Principle (AiP)
You’ll need to get an AiP to submit an offer and check there won’t be any issues with your credit. This only takes around 10 minutes. Once we accept your offer, you’ll be ready to speak to one of our mortgage advisers.
Frequently asked questions
Mortgage Boost is a joint borrower, sole proprietor mortgage. The other borrowers won’t own the property, but their income can be used to increase the amount you can borrow.
No. However, they’ll also be legally responsible for your mortgage, so they need to be someone you’re happy to be named on the mortgage with you.
It could their age will be included in the application, which can affect what you can borrow and your mortgage term based on our policy for the maximum term and their income type.
Yes. If you’re ready to take on the mortgage on your own, you can apply to remove them from your mortgage. You might need to pay a fee to do this – if so, our mortgage advisers will let you know.
This is a joint mortgage, so everyone named on the application is legally responsible for the mortgage and the monthly payments. If one person stops paying, the other will need to cover the payments in their place.
If you miss your mortgage payments, it’ll affect everyone’s ability to borrow more in the future. Continuing to miss mortgage payments mean we might take legal action – as a last resort, this could lead to us repossessing and selling your home. If the money from the sale doesn’t cover what you owe, everyone involved in the application will need to repay the remaining amount.
Yes. This mortgage will show on their credit files as a credit commitment and will be factored into applications they make in the future. Before you submit your application, your family and friends will need to get independent legal advice so they’re aware of this and how they could be affected by supporting your application before they continue.
No. In a guarantor mortgage, guarantors are only legally responsible if the main mortgage applicant can’t make their mortgage payments.
With Mortgage Boost, all borrowers are legally responsible for the mortgage payments and the mortgage itself.
Yes, but you’ll need to submit a new application. You’ll need to include all the borrowers, as they’re named on the mortgage.
If the borrowers named on the mortgage have experienced changes in their circumstances, you’ll need to include this on your new application and speak to our mortgage advisers. Your borrowers will also need to get independent legal advice again subject to application, financial circumstances and borrowing history.
Yes, Mortgage Boost is available on buy-to-let and residential mortgages.
Important information
Subject to application, financial circumstances & borrowing history. T&Cs apply.(Return to reference)
Your home may be repossessed if you do not keep up repayments on your mortgage.(Return to reference)