First Time Buyer Incentives
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These can take a few different forms including a Joint Borrower / Sole Proprietor (JBSP) mortgage. However we are talking about a simple boost to the multiples applied to calculating your borrowing power for a mortgage.
Borrowing multiples tend to be applied at 4.5x to 5.0x a joint income, with existing commitments then being factored in also. Thankfully, due to spiralling housing costs, a handful of lenders are actively looking for solutions to help people get on the property ladder.
With some lenders, depending on your circumstances you can obtain an Income Boost which will allow you to borrow up to 6.0x household income. This gives you extra borrowing power and flexibility. Lenders differ, but in some cases, a first time buyer can be anyone who hasn’t had a mortgage in the last three years for others it applies to those who have never owned a property. For some lenders this applies to both applicants (if joint mortgage), for others, at least one applicant must meet this definition to apply for a first time buyer mortgage.
Please just be aware, the availability of Income Boosts will always be subject to many factors, for example credit score and how much debt applicants might have.