A joint borrower sole proprietor mortgage is a modern mortgage option where both the borrower and a family member or friend are named on the mortgage application, but only the main borrower owns the property.
This setup allows the supporting person’s income to be considered in the affordability assessment, which can lead to a larger loan amount or more favourable terms.
Unlike guarantor mortgages, joint borrower sole proprietor mortgages involve the supporter more directly in the mortgage process, providing a clearer structure and peace of mind for lenders.
This is why many lenders now view joint borrower sole proprietor mortgages as the best option for those who need financial support to get on the property ladder, as it offers flexibility without compromising ownership of the home.
You should know that most lenders will require the supporting borrower to obtain independent legal advice to ensure they fully understand the commitments they’re making and the potential ramifications if they don’t meet those commitments.
It is important that you get mortgage advice on this subject and speak with a mortgage advisor before committing to any specific product.