Joint Borrower Sole Proprietor Mortgages

Mortgage Chain

First Time Buyer Mortgages

Alex Kerr: Mortgage Broker for First Time Buyers

Hi, my name is Alex Kerr and I specialise in helping first time buyers onto the property ladder for this first.

Sometimes that first step is not always the easiest. As mortgage brokers for first time buyers, we wanted to share a mortgage product that could help you, if perhaps your struggling with a low income.

Joint Borrower Sole Proprietor Mortgages

If you have exhausting all avenues of trying to obtain a mortgage, and nothing yet is working out, a joint borrower sole proprietor mortgage could be the answer.

This is a mortgage product that allows a family member to be party to a mortgage as a joint application, without being entered onto the mortgage deeds and having no claim to the property.

Joint Borrower Sole Proprietor Mortgages

Who is it for ?

A joint borrower sole proprietor mortgage
 can benefit those on a low income, who might not be able to borrow the amount required in order to purchase a property.

How does it work ?

A family member or friend can act as a joint applicant. The mortgage lender will take the income of the family member into account and combine it with yours, therefore creating a higher overall income. This results in a higher borrowing potential, bridging the gap previously left on your sole income. 

How much deposit do I need ?

Currently there are lenders offering this product with just a 5% needed as a deposit.

How many incomes can be used ?

There are mortgage lenders that will allow up to 4 people to be party to the mortgage, combining all of the incomes together, therefore maximising borrowing potential.

What mortgage lenders support the product ?

Many of the high street lenders and building societies offer joint borrow sole proprietor mortgages, but the rules can vary considerably. Some lenders allow friends as the joint borrower and others do not. 

The best bet is to check the lender’s criteria and see which options work best for you. As mortgage brokers for first time buyers, we have excellent relationships with mortgage lenders who offer this product, and we understand the differences between each lender.

Any questions please let me know!

If you feel you may benefit from this product, just get in touch below!

Please see our video below in regards to the joint borrower sole proprietor mortgage.


>> Read more: Why not start by looking at the next steps – mortgages for first time buyers

Today’s Question: Are you low on income and could do with a borrowing boost ? Please comment below.

Alex Kerr
Mortgage Broker for First Time Buyers


Free Credit File Check. Check your credit score from the outset!

Use checkmyfile as they provide reports of all three credit file agencies the mortgage lenders use to credit score you, on one file (Experian, Equifax and Transunion). checkmyfile offer a 30-day free trial which is then £14.99 a month thereafter and can be canceled at any time.

Check my free credit score now: CLICK HERE For a free credit score check: email your checkmyfile credit file to: [email protected]

DISCLAIMER: This video and description contain affiliate links via the above checkmyfile link, which means that if you click on one of the product links and purchase the product, I’ll receive a small commission. This helps support the blog and allows us to continue to make more like this. Thank you for the support!

If you would like to speak to a Mortgage Brokers for First Time Buyers please get in touch below, using our contact form.

Any questions, please let me know.

Speak soon

Alex Kerr
Mortgage Broker for First Time Buyers

Direct Line: 03333 44 68 69

Contact Form: https://www.mortgagechain.co.uk/contact-us/

0
Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.