Joint Borrower Sole Proprietor

So your client is looking to take the plunge and buy their first home. It’s an exciting time. But we realise that it can also be a little daunting, so our broker team are here to help every step of the way.

Because we take a more personal approach, our broker team will assist in guiding you and your client through the process, answer any questions and together we’ll work out how we can help based on how much they can comfortably afford.

The good news is that we offer a Joint Borrower Sole Proprietor product that can really help to get your client on the property ladder by allowing a family member assist with affordability.

Joint Borrower Sole Proprietor Product Criteria

• Minimum age 21
• Repayment only
• Max LTV 95% inclusive of fees
• Minimum loan size: £30,000
• Maximum loan size: £500,000
• Maximum of 2 owner borrowers
• Maximum of 1 supporting borrower
• The maximum age of the Supporter at application is 70 years
• The supporting borrower must be a close family member*
• The supporting borrower must be the last named applicant
• The owner borrower(s) must meet affordability to cover a minimum of 70% of the total loan borrowed
• The supporting borrower must meet affordability on the shortfall, up to a maximum 30% of the total loan borrowed
• All borrowers will be jointly and severely liable for the monthly mortgage payments and the total amount borrowed
• All borrowers must declare their current financial commitments
• All borrowers must include their own personal and household expenditure
• The supporting borrower must be a residential owner occupier living in the UK
• Supporting borrower to receive independent legal advice
• The supporting borrower cannot live in the property
• The supporting borrower will not be named on the title deeds
• Applicants cannot own any other property at the time of completion (this does not apply to the supporting borrower)
• When inputting the case into the online portal, the intermediary should enter the ‘supporter’ as the last named applicant.

*Close family member defined as one of:

• Parents, step parents and adoptive parents;
• Brothers and sisters, half brothers and sisters, and step brothers and sisters.
• Children, step children and adopted children
• Grandparents and step grandparents
• Grandchild and step grandchild; and
• Aunt and Uncle