Joint Borrower, Sole proprietor Mortgage help

Shaun1000

I'm currently buying my first home with a joint borrower, sole proprietor mortgage, with myself on the deeds and my sister as the joint borrower. My sister already has her own mortgage that will need remortgaging in 5 years from now.

However I have a question as to whether my sister would need to declare my property as a second home or not? If the purpose of a joint borrower, sole proprietor mortgage is that only I am on the deeds, would it go against her when needing to remortgage her own property when she needs to?

If anyone can point me in the right direction or knows a sure answer I would grateful for your feedback.

Thanks for reading
Simon.

amnblog

She is not owning so, no - check with your solicitor. I assume you have a suitable Lender?

Shaun1000

I have a suitable lender in place but I don't have my solicitor ready yet mainly because this question i'm trying to answer would hinder my ability to go ahead.

Do you know anywhere else i can find this info?

kingstreet

Shaun1000 wrote: »

would it go against her when needing to remortgage her own property when she needs to?

Yes. It will be treated like any other commitment.

Although she may not be making payments, she might have to do so. This is a typical guarantor case and this affects the guarantor's own situation.

It is not a second home as she doesn't own the property.