Lenders who offer Sole Proprietor, Joint Borrower Mortgages

Retired_Mortgage_Adviser

Plenty of lenders offer JBSP/guarantor products to suit different scenarios.

I would recommend getting in touch with a whole of market broker who can help identify the right one for your circumstances.

[Deleted User]

nb2508 said:

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

This won't necessarily help you to avoid SDLT.  It's based on beneficial ownership rather than legal ownership and it's difficult to demonstrate you have no beneficial ownership in a property you occupy and pay the mortgage on.

[Deleted User]

 Lover_of_Lycra said:

nb2508 said:

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

This won't necessarily help you to avoid SDLT.  It's based on beneficial ownership rather than legal ownership and it's difficult to demonstrate you have no beneficial ownership in a property you occupy and pay the mortgage on.

Agree, I tried to do a JBSP mortgage last year and the solicitor stopped it in its tracks as the person on the mortgage but not on the deeds was still going to live there.   Sols called HMRC who said no way jose and we had to change it to a normal mortgage quick quickly. 

evergreen88

I am in the same situation of the OP.
I do not own any property, my girlfriend co-owns her mother's house. We are buying a house and we were thinking to do the JBSP mortgage to avoid paying the addtional stamp duty. She would not be on the deed, but would live in the property with me obviously.
Is this feasible?
Does HSBC offer JBSP mortgages? 

foxy-stoat

evergreen88 said:

I am in the same situation of the OP.
I do not own any property, my girlfriend co-owns her mother's house. We are buying a house and we were thinking to do the JBSP mortgage to avoid paying the addtional stamp duty. She would not be on the deed, but would live in the property with me obviously.
Is this feasible?
Does HSBC offer JBSP mortgages? 

Seems there are a lot of people trying to avoid the surcharge, all coming on this thread.  Advice is speak to a broker.

[Deleted User]

evergreen88 said:

I am in the same situation of the OP.
I do not own any property, my girlfriend co-owns her mother's house. We are buying a house and we were thinking to do the JBSP mortgage to avoid paying the addtional stamp duty. She would not be on the deed, but would live in the property with me obviously.
Is this feasible?
Does HSBC offer JBSP mortgages? 

Why would you think a JBSP mortgage would help avoid the higher rate of SDLT given the two posts immediately proceeding yours? 

evergreen88

Lover_of_Lycra said:

evergreen88 said:

I am in the same situation of the OP.
I do not own any property, my girlfriend co-owns her mother's house. We are buying a house and we were thinking to do the JBSP mortgage to avoid paying the addtional stamp duty. She would not be on the deed, but would live in the property with me obviously.
Is this feasible?
Does HSBC offer JBSP mortgages? 

Why would you think a JBSP mortgage would help avoid the higher rate of SDLT given the two posts immediately proceeding yours? 

I am thinking the JBSP mortgage could be an option based of what I read online. The posts above mine are the first that are putting some doubts on this approach and I am writing to find out more. I would like to hear from people that have tried and either failed or succeeded to decide how to proceed. This is obviously a rather stressful situation. I briefly discussed the matter with the solicitor I am instructing and I couldn't get a straight answer.

SDLT_Geek

A JBSP mortgage is unlikely to help escape the 3% surcharge if the person who is to have no stake in the ownership of the property is putting in capital.  
 
There is an article about it here: https://www.blakemorgan.co.uk/joint-borrower-sole-proprietor-mortgages-and-living-together-agreements/ and another here: https://www.taxadvisermagazine.com/article/additional-properties