What could be the benefits of buying jointly with a parent?
With current house prices on the increase, many First Time Buyers may be struggling on their income alone to buy their dream home.
One young person’s salary may not be enough to get a mortgage. Sometimes even two is not enough…
Joint Borrower Sole Proprietor Mortgage might just be the right solution to the problem! A parent could join in the mortgage application with their income to boost affordability so their child(ren) can get on to the property ladder. The joining parent doesn’t need to be the legal owner of the house so there won’t be tax liability for them. They will however be responsible for mortgage repayment.
Please bear in mind that as every case is different, it is best to speak to a qualified broker first. Contact us if you have any questions.
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