Going through a separation is hard enough, but for many people trying to figure out how to stay in their home and make mortgage repayments is a huge concern. There are a range of specialist schemes that could help you boost your mortgage affordability, so you can buy out your ex-partner and stay in your home.
Also known as Joint Borrower Sole Proprietor (JBSP), this is a way of adding a family member or friend's income to your mortgage to increase your max borrowing. With a loved one added as a guarantor, you can increase your affordability to afford your home on your own.
This involves two separate mortgages. The first is taken out by your family member or friend (the Booster) on their property to release money, which is then gifted to you to help you buy out your ex. The second is the new mortgage needed for your home, with you as sole owner.
If you have a family member who wants to help and has cash savings, instead of gifting you it in a lump sum they could place them in a special savings account. This is used as security by the lender, which increases your affordability.
Add some or all of a family member’s earnings to your total income to increase your affordability. They can choose to build up an equity stake by contributing to the repayments, but won’t own your home.
Increase the amount of equity you hold in your home, with a Deposit Loan from a loved one. They'll benefit by owning a percentage of your property, while you can remortgage with a larger downpayment
If you work in a professional field, such as a nurse, doctor or solicitor, you could be eligible to borrow up to 5.5x your income. By borrowing more, you can boost your affordability to afford your home on your own.
Unsure whether to stay with your current lender or go elsewhere? Whatever option you choose, it’s worth scouting out what options are available to you. We can advise you on what you should do based on your situation and the current market.
Create a Tembo plan to get started or compare live interest rates from across the market with our comparison page.