Two Borrowers One Owner

A fairly new type of mortgage called Joint Borrower Sole Proprietor allows a borrower to be added to the mortgage even if they are not named on the title deeds of the property. As expected, not many banks are interested in lending on this basis however we do have a couple that are happy with more borrowers than owners.

Where might this be helpful?

The majority of customers of the Joint Borrower Sole Proprietor mortgage are of those who want to help a close family relative to buy their first home or move house. Being named on the mortgage means a higher loan amount can be obtained and they are able to buy a house at a higher value that they would have done just using their own income.

Key Criteria

• Up to 4 applicants on the mortgage, with a minimum of one on the property deeds.
• Additional applicant(s) must be close family relatives.
• Gifted deposit can be considered from a close family relative.
• Term can be considered up to max age 80.
• Independent Legal Advice is mandatory.
• Available on both Residential and Buy to Let mortgages.

Make sure you can afford the mortgage payments or you may lose your home if you fail to keep up with repayments especially if the joint borrower is not contributing towards the monthly payments.

For more information and to see if you qualify Contact Us.