Helping our Children onto The Property Ladder

With house prices locally and across the South of England so strong and interest rates so low, buying rather than renting is still the right way forwards for our young adult children. We have worked with some lenders to achieve an excellent solution, whereby your child owns the property, but you join them on the mortgage to allow them to borrow enough to buy a property.

A Joint Borrower, Sole Proprietor (JBSP) is a type of mortgage where not all parties are legal owners of the property. For example, a parent can help their child by joining the mortgage and adding their income to increase borrowing, but without being named on the title of the property. 
 
Key Points

  • There are no restrictions around the relationship between the main borrower and the other parties, so this can be a relative/friend etc
  • The main borrower must reside in the property purchased and the supporting borrowers must not reside in the property
  • The maximum loan to value is 85% (subject to usual criteria)
  • The maximum term will be based on the oldest income-providing applicant

Please note: All parties will be required to obtain independent legal advice. 

We are determined to innovate to help you and your family.

Should you be interested in finding out more on JBSP mortgages, please click the button below and we will be in touch. 

Stay well & best wishes

Tim Lewis

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