29 Apr 2025
The Family-Backed Mortgage from NatWest
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
What is the NatWest Family-Backed Mortgage?
Similar to the ‘Mortgage Boost’ from Barclays and the ‘Income Booster’ from Skipton, this scheme allows the buyer to add a second person to the mortgage but without them actually owning the property. By adding a second person to the mortgage as a ‘non-owner’, the main applicant/owner can borrow more and remain the sole owner of the property.
Criteria
- Must have an income of at least £20,000 gross per annum for the main applicant/owner
- Standard residential mortgage policy rules apply to all applicants, including eligibility criteria of minimum 18 years to maximum 75 years of age
- Maximum of two applicants: the owner and non-owner
- Not available with mortgage schemes e.g. Right to Buy and Shared Ownership
- Only applicable for Residential Purchase Products
- The non-owning borrower must seek independent legal advice before completion
If you have any questions about this scheme and would like to see if you fit the criteria, or would like to discuss another product, please give our team a call on 01628 507477.
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