We’re delighted to announce the launch of our new NatWest Family-Backed Mortgage. This helps first-time buyers to purchase a property with assistance from a friend or family member and get on the property ladder sooner.
Boosting your customers mortgage borrowing power
Eligible customers are now able to apply for a joint mortgage with friends or family members, while still purchasing the property in their own name. This is sometimes known as a Joint Borrower Sole Proprietor mortgage.
Although there is one owner, the liability for the mortgage is with both parties on the joint mortgage.
Eligibility 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.
For more information, visit our NatWest Family Backed Mortgage hub.
Supporting you to help your first-time buyer clients
We strongly support the first-time buyer market.
- We’ve recently improved our affordability calculator, so it shows you our enhanced Loan to Income calculations for residential capital and interest mortgages.
- We offer exclusive products up to 95% LTV to eligible customers.
- We accept deposits (and gifts) from immediate family and treat them as if they were your customer’s own deposit. For further information, please see our deposit tables here.
- We’ll also use multiple income streams to assess affordability as part of our general residential policy.
- To see how much we could lend to your first-time buyer customers, try our Residential Affordability Calculator now.
Find out more
Please visit our NatWest Family Backed Mortgage hub and first-time buyer page for more information.
We look forward to talking to you soon.