Affordability
An additional income may be considered, but affordability, evidence and lender criteria still need to be assessed.
Joint Borrower Sole Proprietor mortgages
A Joint Borrower Sole Proprietor arrangement can involve more than one borrower while property ownership is held by one person. The details matter, so understand the questions to take to an advisor.
What does the name mean?
“Joint borrower” describes the people responsible for the mortgage. “Sole proprietor” describes the person who owns the property. The exact legal and lending structure depends on the mortgage and the people involved.
Ownership
Mortgage responsibility and property ownership are not the same question. Get the ownership position explained before proceeding.
Future borrowing
Everyone named on the mortgage should understand how the commitment could affect future applications.
Legal responsibility
Borrowers should understand joint responsibility and obtain independent legal guidance where appropriate.
Questions to ask before applying
- Who will own the property?
- Who will be responsible for the mortgage?
- What income and documents will be assessed?
- How could the arrangement affect future borrowing?
- What happens if circumstances change?
- Which legal and product costs apply?
Talk through buying a home with family support
Tell us where you are with finding a home. An advisor can discuss your plans and how a joint borrower sole proprietor mortgage could work.