"Buying a first home is a hugely important step in life and one that has unfortunately become tougher for many in recent years. "
- Sian McIntyre, Managing Director of Life Moments at Barclays
Barclays is now offering its 'Mortgage Boost' joint borrower sole proprietor (JBSP) range to new and existing customers, allowing home buyers to borrow more without a larger deposit.
The proposition allows family or friends to increase – or ‘boost’ – the amount that can be borrowed towards a home, without having to lend or gift money directly and without the need for a larger deposit.
How Mortgage Boost works
Mortgage Boost enables family or friends to join a mortgage application as a named party, but they won’t own the property or be named on the title deeds. Their income is used to increase the amount that can be borrowed under the mortgage, and they will be jointly and severally liable from the outset, along with the buyer. Booster(s) will be a full party to the mortgage and undergo full credit checks, and the mortgage will show on their credit report. The Booster(s) supporting the application will need to obtain independent legal advice in order to ensure they understand the impact the mortgage could have on their own finances, credit history and ability to borrow.
Mortgage Boost is available to both first-time buyers and existing homeowners and can be used across all Barclays standard residential products, so applicants have access to new purchase and remortgage rates offered. It can also be used to apply for buy-to-let mortgages. Mortgage Boost cannot be used alongside other special products or schemes, including Family Springboard, Right to Buy, First Home Fund, Help to Buy Equity or Mortgage Guarantee Scheme.
Case study
If a borrower has an income of £37,500 a year and a deposit of £30,000, then the maximum they may be eligible to borrow could be £168,375, allowing them to purchase a home worth up to £198,375. However, with Mortgage Boost and another person willing to join the application, the amount could increase significantly. If a parent joins, and they also have an income of £37,500 – then applicants could be able to borrow a total of £270,000, allowing the purchase a home worth up to £300,000.
First-time buyers facing barriers to homeownership
According to Barclays’ data, the average age of a first-time buyer in the UK rose to nearly 34 in 2024, up from just over 31 only two years earlier, as people increasingly have to delay purchasing their first home.
Barclays’ most recent Property Insights report identifies the main barriers to home ownership as high prices (40%) and the cost of a deposit (37%).
It also highlights that people may be prioritising trying to save for a deposit over other major life moments, with nearly one in five (17%) saying they would delay or decide not to get married, and one in ten (9%) stating they would delay or decide not to have children in order to save more to buy a property.
Renters are particularly pessimistic about their ability to save enough to buy their first home, with three in four saying it does not feel within reach in their lifetime and nearly six in ten (57%) believing they would find it impossible to buy without financial help from a family member.
Sian McIntyre, Managing Director of Life Moments at Barclays, said: “Buying a first home is a hugely important step in life and one that has unfortunately become tougher for many in recent years. We know people feel like they have to make huge compromises in order to save for a large deposit, and that family may want to help but cannot afford to.
“Mortgage Boost can help answer these challenges, supporting people to buy their first home earlier and without giving up on their other dreams.”
