Joint Borrower Sole Proprietor mortgage
The borrowers
Charlotte is 26 and still living with her parents. She is keen to move out and buy her first home but wants to stay close to where she is currently living to be near her family and close to where she works.
She has a deposit which was gifted to her but as she is buying on her own she is struggling to raise a large enough mortgage to enable her to buy a property in the area.
- Charlotte earns £35,000 per annum
- She has seen a property she likes priced at £300,000 and has a gifted deposit of £70,000, so needs to raise a mortgage of around £230,000
- Her parents own their own home with just a small mortgage of £50,000 outstanding
- Charlotte’s father is still working and earns £60,000 per annum while her mother has recently retired and has private pension income of £18,000 per annum
How we can help
With our Joint Borrower Sole Proprietor mortgages, Charlotte’s parents can be joint applicants on the mortgage with her but will not be legal owners of the property.
We can take all of their incomes into account for affordability purposes which will increase Charlotte’s borrowing power to reach the level of mortgage needed to purchase the property.
We accept gifted deposits from a wide range of family members, not just parents.
This enables Charlotte to get on the property ladder and own her own home but having the support of her parents means she can purchase the property she wants and still stay close to her family.
