Charlotte, aged 26 and like many young people today, is still living at home with her parents. She’s eager to move out and buy her first property but is keen to stay close to her family and remain within easy reach of her workplace. However, buying in her local area comes with its challenges, particularly when trying to secure a large enough mortgage as a sole applicant.

Charlotte earns £35,000 per annum and has a generous deposit of £70,000 gifted to her by family. She’s found a property she loves, priced at £300,000, but with house prices in the area being relatively high, she’s struggling to raise the £230,000 mortgage she needs to make the purchase on her own.

Charlotte’s parents own their own home outright, apart from a small remaining mortgage of £50,000. Her father is still working, with an income of £60,000 per annum, while her mother has recently retired and receives a private pension income of £18,000 per annum.

This is exactly the kind of situation where our joint borrower sole proprietor (JBSP) mortgage can help. With this option, Charlotte’s parents can be added to the mortgage as joint applicants to support affordability, without being legal owners of the property.

This means Charlotte can own her home in her own name, while benefitting from her parents’ incomes to boost her borrowing power and secure the mortgage she needs.

We’re also happy to accept gifted deposits from a wide range of family members, not just parents, offering greater flexibility for first-time buyers like Charlotte.

Thanks to this support, Charlotte can finally get a place of her own while staying close to the people and community that matter most to her.

If you have a client in a similar position, it’s worth checking our criteria guide, or better yet, give your Foundation regional area manager a call. We’re always happy to talk a case through.