Income boosters help you borrow enough to buy a home. They do this by going on the mortgage with you, even though they don't plan to live in the property.
An income booster helps you borrow more by adding their income to the mortgage.
Everyone on the mortgage is equally responsible for it, but how the repayments are divided is up to you.
An income booster can be removed from the mortgage once you can afford the loan on your income alone.
A little more detail
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.
Boosters can simply be on standby to help so long as the other borrowers are making monthly payments in full.
Boosters may choose to contribute regularly and, if they do, they can build up a stake in the property.
Who can be an Income Booster?
Family members can act as your income booster: parents (including step-parents), children (including step- children), grandparents, siblings (including half- siblings and step- siblings), aunts, uncles.
Please reach out if you have any questions around income booster eligibility.
Hal can’t afford the home he wants.
Even though the monthly mortgage repayments would be less than what he currently pays in rent, he can't get the loan he needs on his income alone.
Adding his mum as an income booster means that he can buy sooner.
His mum will be on standby until Hal can afford the outstanding loan on his income alone.