Giving your first time buyers more borrowing power.
First Start boosts the borrowing power of buyers, by combining their income with that of a sponsor*. So together they can borrow more, responsibly.
Together, the sponsor and applicant can borrow up to 95% of the value of the property. It’s available for purchases only on a repayment basis, up to £500,000.
Both parties are co-borrowers, making them jointly and individually liable for the monthly mortgage repayments, as well as the total mortgage loan.
Here’s some key First Start criteria at a glance:
- Up to 95% LTV
- Maximum age of sponsor 80 years at the end of term (60 at outset)
- Maximum loan £500,000
- The sponsor must be a residential owner occupier living in the UK and a parent or close relative of the applicant
- The sponsor can choose not to be a joint owner of the property which can reduce Stamp Duty liability (independent legal advice is required. We highly recommend independent financial, legal and tax advice is taken in all cases.)
- Minimum incomes: applicant £20,000, sponsor £30,000
Head to boi4i.com to find out more
*A sponsor is a close relative, normally a parent or step parent of the applicant
