In a significant development for prospective homeowners, friends can now act as income boosters on mortgages up to 80% Loan-to-Value (LTV). This new option allows individuals to leverage the financial strength of their friends to secure better mortgage deals, bringing them closer to their dream homes.

In addition to this update, the list of family members eligible to act as income boosters on mortgages up to 95% LTV has been expanded. This change provides more flexibility and support from loved ones when securing a mortgage.

The newly eligible family members include:

• Parents (including step-parents)
• Children (including step-children)
• Grandparents
• Siblings (including half-siblings and step-siblings)
• Uncles and aunts (siblings of parents only)
• Nieces and nephews

The aim is to make homeownership more accessible, reflecting the needs and suggestions of prospective buyers. Thousands of people have already benefited from the income booster option to get onto the property ladder. These changes are expected to enable even more individuals to achieve their homeownership dreams.

This development marks a significant step forward in the housing market, offering more opportunities for people to secure their future homes with the support of friends and family.

Annabelle Bezant, June 2024