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.

Recent posts

Cotswolds   Web Larger

Forbes has published a global ranking of stunning locations and one popular picturesque corner of the UK has nabbed top spot.

Budget Then And Now   Web Larger

Over three years after the Mini-Budget took place, we look at what the mortgage market looks like now, showing the difference in mortgage repayments.

Home buying shake up web larger

The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”

More borrowers ER web larger

Almost one in five equity release mortgages are now taken out to provide financial support to family.

Buyers purchasing sooner web larger

According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.

First payment higher web larger

It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.

Change locks web larger

Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?

Autumn budget predictions web larger

The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.