New offering enables buyers to borrow more with family or friends' support
Barclays has launched its Mortgage Boost offering, designed to help new and existing customers increase their borrowing capacity with the help of family or friends.
Under the programme, family or friends can join the mortgage application as named parties to enhance affordability. Their income contributes to the total borrowing capacity, though they will not hold ownership of the property or appear on the title deeds. Barclays clarified that participants, known as “Boosters,” will be jointly liable for the loan and must undergo credit checks.
For example, a single applicant earning £37,500 annually with a £30,000 deposit might qualify to borrow £168,375 to purchase a property worth £198,375. However, with a Booster — such as a parent earning the same income — the borrowing limit could increase to £270,000, enabling the purchase of a £300,000 home.
Mortgage Boost is available across Barclays’ residential and buy-to-let mortgage products but cannot be combined with other schemes such as Help to Buy or the Family Springboard mortgage. Boosters must obtain independent legal advice to fully understand the financial implications of joining the application.
“Buying a first home is a hugely important step in life and one that has unfortunately become tougher for many in recent years,” commented Sian McIntyre, managing director of life moments at Barclays. “Mortgage Boost can help answer these challenges, supporting people to buy their first home earlier and without giving up on their other dreams.”
Barclays’ research highlights the challenges first-time buyers face, with the average age of buyers increasing to nearly 34 in 2024. The report cites high property prices (40%) and the cost of deposits (37%) as major barriers to home ownership.
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