Joint Borrower Sole Proprietor
What does Joint Borrower Sole Proprietor actually mean?
Rising property values and stricter affordability requirements can make life challenging for first time buyers. The Joint Borrower Sole Proprietor feature of our Standard Residential and Buy For University mortgages is designed to help the borrower enhance affordability by adding a parent to the application as a joint borrower to enhance the mortgage affordability.
The applicant remains the sole proprietor on the property deeds and the joint borrower is not charged additional stamp duty for the ownership of a second property should they then wish to move themselves. The Joint Borrower Sole Proprietor feature of these mortgages reduces paperwork and legal costs for the borrower, making the whole mortgage application process much easier.
As a Joint Borrower Sole Proprietor, the applicant still benefits from the same tax breaks on the rental income that they would have enjoyed if a parent acts as a guarantor and income from the rent.