Joint Mortgage Sole Proprietor
Our Joint Mortgage Sole Proprietor (JMSP) product range could help your clients get onto the property ladder or even purchase a home later in life or following a change in circumstances, by using the income of a family member to increase borrowing capacity.
Key Features
- Available on residential properties only
- Borrow from £25,000 to £1,000,000 (subject to product terms and conditions)
- Max Loan to Value 95%
- Minimum age for borrower is 18 years
- Maximum age is 80 years at the end of the mortgage term based on the oldest applicant
- A family member is defined as a close family relative, normally a parent or step parent
- Affordability is calculated using both the incomes of the borrower and co-borrower
- Any outstanding financial commitments (include existing mortgage repayments) will be deducted from any affordability assessment
- Loans will be made available on a repayment basis only.
- For the purpose of re-mortgages, any additional funds being borrowed over the original loan amount must be for the purpose of home improvements. Debt consolidation is not permitted
Who is the mortgage suitable for?
- Adult children whose income will rise in the future and for a short time need the support of a family member to get onto the property ladder
- Older borrowers whose circumstances have changed and require the support of a family member to continue to live independently.
To find out more, contact your local Business Development Manager. Alternatively, our Intermediary Support Team will be happy to assist on 0345 602 2338 (Monday to Friday, 8am to 6pm).
This information is for use by authorised mortgage intermediaries only and should not be relied upon by customers.