16/09/2025
Sometimes all we need is a little help from our family and friends...
Family Backed Mortgages are becoming more and more available for the UK home buyer market.
In most cases the lender allows you to have friends and family, who 'join' onto your mortgage to enhance your mortgage opportunity. You may have heard it as a joint borrower, sole proprietor mortgage!
By adding on another member of your family or a friend would help extend your financial reach in terms of mortgage lending as the additional person/peoples financial credentials are also considered alongside yours for affordability.
An example of this would be, I'm a First Time Buyer, my salary does not quite fit what I need to achieve the mortgage I require to buy my new home. To bridge the gap in affordability I invite my mum onto the mortgage whom has little outgoings and a reliable salary/pension. We are both assessed for the purpose for the mortgage, using both incomes, meaning I (the first time buyer) now have access to more mortgage funding due to great affordability, allowing me to get my new home!! Yippee. Mum is on the mortgage but not the property deeds, so I can still benefit from my First Time Buyer Stamp Duty rights. Mum is understanding what this means for her and happy to help her daughter. :)
Family support for funding deposits has always been big in the UK, so it's great to see lenders considering the opportunity of family and loved ones being able to offer support when looking at mortgage amounts too!
