A joint mortgage where only one person owns the property.
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 you add a second person to your mortgage but without them owning the property.
Adding a second person to your mortgage as a 'non-owner', can help you borrow more than you would otherwise have been able to borrow, which means you could buy your own home sooner than you thought. And, the non-owner could be a family member or friend.
We can’t give any advice or recommendations about who the applicants for a mortgage should be. When applying, you’ll need to say who should be named on the mortgage.
Benefits
You could get on the property ladder sooner with help from a family member or friend.
The additional income of a second applicant, could provide you with greater borrowing potential.
The owner occupier would have full ownership rights to the property, whilst the second applicant, or non-owner, would have no ownership rights.
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Considerations
- Both the owner occupier and non-owner are liable for the mortgage. The non-owner will need independent legal advice and this will be an extra cost.
- The mortgage criteria need to be met by both applicants. This means the mortgage term could be restricted because we may not be able to lend past an intended retirement age.
- NatWest Family-Backed Mortgages are not available with the Shared Equity or Right to Buy schemes.
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Independent legal advice is needed
The non-owner on a NatWest Family-Backed Mortgage will be just as liable for the mortgage payments as the owner-occupier.
To make sure that the non-owner fully understands their responsibilities and the expectations on them, they’ll need to get independent legal advice from a solicitor that is separate to the regular conveyancer needed when buying a new home.
As a non-owner, they’ll need to return an Independent Legal Advice certificate proving they’ve been given legal advice about the Family-Backed Mortgage.
The legal advisor that provides the advice must be regulated by either the Solicitors Regulation Authority, Council for Licensed Conveyancers or Chartered Institute of Legal Executives.
Non-owner fact sheet
Review the following document to find out more if you are planning to be a non-owner on a NatWest Family-Backed Mortgage.
Step 1: Get an Agreement in Principle
Get a personalised indication of how much you could borrow in less than 10 minutes.
It won't impact your credit score.
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Step 2: Ready to apply for your new mortgage?
Apply online today or contact us if you'd like support.
Save progress and come back whenever you like.
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