Boosters

What is a Generation Home booster?

A Generation Home booster is someone who can help make homeownership possible for you.

Written by Sophia Guy-White
Updated over a week ago

Can I gift my equity to others?

How do I transfer equity to someone else on the mortgage?

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Written by Ashley Currie
Updated over a week ago

Who can live in the property?

Income and deposit boosters are unable to live in the property.

Written by Millie
Updated over a week ago

What is an Occupancy Waiver and do I need one?

An occupancy waiver is for anyone aged 17 or over, who plans on living in the property, but is not on the mortgage to sign.

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Written by Balal Habib-Ur
Updated over a week ago

What is a mortgage income booster?

We make it easier to get on the property ladder. Add an income booster to enhance your mortgage. Learn more with our income booster video.

Written by Sophia Guy-White
Updated over a week ago

Can I use Help to Buy with a booster?

Unfortunately, you cannot use the booster features if you plan to use the Help to Buy scheme.

Written by Sophia Guy-White
Updated over a week ago

Why do Income Boosters need to set up Direct Debits?

We require direct debit mandates from income boosters to provide ease and flexibility should they want or need to contribute.

Written by Millie
Updated over a week ago

Can an income booster be retired?

Yes, your income booster could be retired, but you would need to factor in the below information.

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Written by Balal Habib-Ur
Updated over a week ago

How many owners and income boosters can I have on my mortgage?

You can have up to six people on a Generation Home mortgage, this includes income boosters.

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Written by Stephanie Roshier
Updated over a week ago

Is an income booster the same as a Guarantor?

No, an income booster is not the same as a guarantor, but the roles are similar.

Written by Sophia Guy-White
Updated over a week ago

Is an income booster the same as a Joint Borrower, Sole Proprietor mortgage?

The income booster is our spin on a Joint Borrower, Sole Proprietor (JBSP) mortgage.

Written by Sophia Guy-White
Updated over a week ago

Does an income booster have to pay every month?

An income booster can choose whether to contribute to the mortgage and if so, how much they wish to pay.

Written by Sophia Guy-White
Updated over a week ago

Can my Income Booster have bad credit?

Your income booster must have at least a "good" credit score.

Written by Sophia Guy-White
Updated over a week ago

Can I be an Income Booster on more than one mortgage?

Yes, you can be an income booster for more than one person, but this will be subject to your financial position.

Written by Sophia Guy-White
Updated over a week ago

Can I take out another mortgage if I am an income booster?

This will depend on your financial circumstances.

Written by Sophia Guy-White
Updated over a week ago

What is a deposit booster?

A deposit booster helps home buyers with the deposit. But instead of simply gifting the money, they contribute to the deposit via a loan.

Written by Sophia Guy-White
Updated over a week ago

If I am a deposit booster what happens if the owner stops paying their mortgage?

If you are a deposit booster and the owner stops paying the mortgage you are not liable for this.

Written by Alison
Updated over a week ago

What is the Deposit Booster Agreement?

The deposit booster agreement lays out the terms of the deposit booster's contribution, including when repayment will be made.

Written by Millie
Updated over a week ago

What information will a mortgage deposit booster need to provide?

Evidence of their identity, proof of address, national Insurance number, and source of deposit. Find out more in our guide.

Written by Millie
Updated over a week ago

What are the advantages of being a Deposit Booster?

It's a personal decision for everyone, but there are some key advantages to being a deposit booster over gifting.

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Written by Stephanie Roshier
Updated over a week ago

Does a Deposit Booster go on the mortgage?

No, a deposit booster will not be listed on the mortgage or share any responsibility for the mortgage debt.

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Written by Stephanie Roshier
Updated over a week ago

Is there a maximum number of Deposit Boosters allowed on a mortgage?

No, there is no maximum number of deposit boosters for a mortgage application.

Written by Sophia Guy-White
Updated over a week ago

Does a Deposit Booster need to be living in the UK?

No, deposit boosters do not need to be UK residents. However, funds from the deposit booster must come from a UK-based bank account.

Written by Sophia Guy-White
Updated over a week ago

What is ILA?

ILA stands for Independent Legal Advice, which is provided by a solicitor before you enter into a financial arrangement.

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Written by Mari-Liis Kanter
Updated over a week ago