With both a guarantor mortgage and a joint borrower sole proprietor mortgage, there are a handful of risks involved, both on the homeowners and the mortgage lender’s side.
The main risk to these types of mortgages is that if the borrower fails to make the mortgage payments, the supporting family member becomes responsible for covering the debt.
Both the borrower and supporting family member must be aware of these conditions before taking out a guarantor mortgage or a joint borrower sole proprietor mortgage.
This is a specialist subject and we always recommend speaking with a mortgage advisor before applying for any specific product.