NatWest International launches Family-Backed Mortgage to support first-time buyers

NatWest International has launched a new Family-Backed Mortgage across Gibraltar, Jersey, Guernsey and Isle of Man, aimed at helping first-time buyers overcome affordability barriers and achieve home ownership.

The product, also known as a Joint Borrower, Sole Proprietor (JBSP) mortgage, allows eligible customers to apply for a joint mortgage with a parent, relative or friend, while retaining sole ownership of the home.

By combining incomes, applicants may be able to borrow more than they could individually.

The mortgage responds to a growing trend of adult children returning to live with parents in order to save for a deposit, often delaying the point at which parents enter the “Empty Nest” phase as they prepare for retirement.

The new mortgage enables family members or close friends to support a mortgage application without taking on ownership of the property.

“We are committed to providing more pathways to home ownership and helping first-time buyers to achieve their goals,” said Richard Steel, Managing Director of NatWest International, Retail and Commercial Banking.

The new mortgage “…boosts the borrowing power of prospective homeowners by enabling them to combine incomes with a family member or friend, while retaining independence to own a home in their own name.”