Lenders who offer Sole Proprietor, Joint Borrower Mortgages

bikeman17

I already own a property on let, my partner and I currently rent and want to buy a place together.
I believe there are lenders who offer Sole Proprietor, Joint Borrower mortgage.
Do you know who they are?

Tiglet2

I believe HSBC offer this type of lending, called an Indirect Mortgage. The other party will need separate legal representation I think.

kingstreet

Tiglet2 wrote: »

I believe HSBC offer this type of lending, called an Indirect Mortgage. The other party will need separate legal representation I think.

That's the opposite to what the OP is requesting. HSBC will do more owners than borrowers.

The OP wants more borrowers than owners.

OP there are several lenders offering JBSP or 'guarantor' products in old money. An independent broker would help you establish the best option for you.

getmore4less

bikeman17 wrote: »

I already own a property on let, my partner and I currently rent and want to buy a place together.
I believe there are lenders who offer Sole Proprietor, Joint Borrower mortgage.
Do you know who they are?

If they will lend why not be on the deeds?

xylophone

If they will lend why not be on the deeds?

OP is seeking to avoid second property SDLT?

He currently owns a property that he doesn't want to sell.

His partner doesn't own a property.

The property costs more than the partner can afford to borrow but not more than they could borrow together.

Therefore the OP wants a mortgagee who will lend on joint income but permit the partner to be sole proprietor.

He may need to consult a mortgage broker.

http://www.andersonharris.co.uk/2017/06/why-joint-borrower-sole-proprietor-mortgages-are-becoming-more-popular/

gingercordial

getmore4less wrote: »

If they will lend why not be on the deeds?

I suspect OP is looking for way to either get out of the extra SDLT on an additional property (as he already has one), or to access the reduction in SDLT for a first time buyer (as he is not one), or both.

Brock_and_Roll

Looking at the OP's previous posts then avoiding the additional SDLT is the objective.


I can perhaps understand the logic of a JBSP mortgage if it a child/parent scenario but for unmarried couples this seems like a crazy risk to take for the poor sod who does not have their name on the deeds....only a big argument away from being left with a no house, a massive long term liability & no asset!

getmore4less

Land reg just records legal ownership so not a lot of help not being on the deeds if you have beneficial ownership for SDLT purposes

Nihaonihao

Hi, I know this post is a few months old, but as I am in a similar situation and doing research on the subject, I was wondering did you end up getting a JBSP mortgage and with which bank.
Thanks

DCFC79

Nihaonihao wrote: »

Hi, I know this post is a few months old, but as I am in a similar situation and doing research on the subject, I was wondering did you end up getting a JBSP mortgage and with which bank.
Thanks

A few months old, its 5 months old.

Have you spoken to a broker ?

Might get more chance of an answer as the OP hasnt been back on since last month.

nb2508

I am also wondering which banks are available. My partner is first time buyer. i owned a home previously but sold it. The first time buyer relief is up to 5000 on 300,000