The Income Booster is our spin on the Joint Borrower, Sole Proprietor (JBSP) mortgage.
What's a Joint Borrower Sole Proprietor mortgage?
A JBSP mortgage means applying with someone who is willing to accept joint responsibility for making mortgage payments without having a legal claim to the property.
A common example is a mother helping her daughter buy a home. In this scenario both will be mortgage borrowers, but only the daughter would be named on the title of the property as a home owner.
What makes an Income Booster different?
An Income Booster is able to build up an ownership stake in the property.
Generation Home can track individual contributions towards mortgage payments, and if an Income Booster is making regular contributions, or needs to step in and help out, they can build up a stake in the property.
The Home Agreement provides the legal structure for this.
If an Income Booster would like to contribute towards the deposit, they can also be a Deposit Booster.