- Residential and Buy to Let
- Multiple Income Streams Considered
- All Incomes Considered
- No Maximum Age
- Interest Only and Repayment
- Repayment and Interest Only
- Mortgage to 6x Income
Joint Applicant Sole Proprietor Mortgages
A “Joint Applicant Sole Proprietor” mortgage is where one or more persons apply for the mortgage application but not all mortgage applicants are registered as the property owners on the Title Deeds at the Land Registry. A typical example is parents buying with son/daughter where parents and son/daughter go onto the mortgage application but only son/daughter onto the Title Deeds.
The usual scenarios where Joint Applicant Sole Proprietor mortgages are typically used are in the case of parents assisting children who may be studying or who have just started their career where their income is expected to grow, but they can’t yet afford the mortgage amount they require on their own. In this instance the child would typically be registered as the legal owner of the property and therefore benefit from any stamp duty/capital gains tax exemptions that may apply.Read More >>
Alternatively, it could be children borrowing jointly with their elderly parents and the parents will become the legal property owners.
All of the mortgage applicants will, however, be jointly and severally liable for the whole mortgage debt with the applicants. This means that if the applicants fail to meet the mortgage payments then all of the applicants’ credit files will be affected.
At RockHopper we work with a number of lenders who are able to consider mortgages on a joint applicant sole proprietor basis for both residential and buy to let property.
We appreciate everyone’s particular situation is unique, which is why we look at every enquiry on a case by case basis.If you would like to see whether we can help, do get in touch for a free no obligation quotation.