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An income booster helps you borrow more by being able to consider their income on the mortgage application. Everyone on the mortgage is equally responsible for it, but how the repayments are divided is up to the customers.
An income booster can be removed from the mortgage once the owners can afford the loan on their income alone subject to a full assessment at the time which may include a credit check.
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. This is structured like a Joint Borrower Sole Proprietor mortgage.
Boosters can simply be on standby to help so long as the other borrowers are making monthly payments in full.
Income boosters may choose to contribute regularly and, if they do, they can build up a stake in the property, by doing this the owners can potentially increase their borrowing potential.
Close relatives can act as income boosters. A “Close Relative” is defined as parents (including step-parents), children (including step-children), grandparents, siblings (including half-siblings and step-siblings), uncles and aunts (Siblings of parents only).