See how much your customers can borrow with our affordability calculators.
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What is a NatWest Family-Backed mortgage?
A NatWest Family-Backed mortgage, sometimes known as a ‘joint borrower sole proprietor’ (JBSP) mortgage, can help buyers get onto the property ladder sooner or borrow more. It lets your customer add a second person to the mortgage but without them owning the property.
Adding a second person to the mortgage as a 'non-owner', can help your customers borrow more than they would otherwise have been able to borrow, which means they could buy their own home sooner than they thought. And, the non-owner could be a family member or friend.
Criteria
- We require a minimum income of £20,000 gross per annum for the main applicant owner/occupier. This can be made up of all acceptable income types.
- Standard residential mortgage policy rules will apply to all applicants, which includes our eligibility criteria of minimum age of 18 to maximum age of 75.
- The non-owning borrower is not limited to family, it can be a friend.
- This is not available with mortgage schemes such as Right to Buy and Shared Equity.
- This is only applicable for Residential Purchase Products.
- Maximum of 2 applicants: the owner and the non owner.
- A fact sheet must be provided to the non-owning borrower at the point of application.
- The non-owning borrower must seek independent legal advice before completion. An Independent Legal Advice Certificate will be sent to the non-owning borrower with the mortgage offer, seeking confirmation legal advice has been obtained. You must then upload this to the Broker Portal.
Important steps for non-owners
- Competitive rates: We offer competitive remortgage rates, helping you secure the best deal for your customers.
- Added value: Customers can benefit from free legals or cashback options, providing immediate savings.
- Green incentives: Discounted rates are available for homes with an EPC rating of A or B.
- Overpayment flexibility: Your customers can overpay up to 20% of their mortgage each year without penalties, helping them reduce overall interest and pay off their loan sooner.
How much could your customers borrow?
Quickly get an idea of how much your customer's could borrow with a NatWest Family-Backed mortgage, using our handy residential mortgage calculator.
Example provided for illustration purposes only. All borrowing is subject to affordability. NatWest Family-Backed mortgage is subject to non-owner borrower also getting independent legal advice which is separate to the standard conveyancing on a mortgage.
If you'd like further guidance on our other policies, please visit our lending criteria page.