With a Joint Borrower Sole Proprietor mortgage, there will be (usually) one borrower who is the owner of the property (the proprietor) and another borrower who is not. The second borrower should be a family member in most cases, although with some lenders there may be the option of this being a friend, subject to criteria. The second borrower’s income will be used towards assessing the affordability for the new mortgage and, whilst traditionally this would be a parent on behalf of their child, today’s market also permits a reversal of these roles.

With one particular lender, a younger applicant or applicants, may be added to their parents’ mortgage and, provided that the affordability for the mortgage is met by their income alone, the maximum term of the mortgage may be based on their age instead.

The added borrower(s) should take independent legal advice as part of the process, and many lenders will insist on seeing evidence of this prior to completion of the new mortgage. This is to ensure their understanding of the arrangement, notably that they will not own any part of the property but they will be jointly responsible for the mortgage. The new mortgage will appear as a commitment on their credit report and may affect eligibility for any future borrowing they wish to make. 

A Joint Borrower Sole Proprietor mortgage could be the solution for you, as it has for many others. It is highly recommended that you talk to a specialist mortgage adviser in the first instance so that your options may be discussed and we welcome the opportunity to speak with you.