Help finding broker/lender for family assisted scheme

99problemsandahouseis1

I am looking for some kind of family assisted and/or guarantor mortgage and struggling to find a broker who actually deals in these, given they're quite niche. Can anyone help point me in the right direction?

Basically, I want to buy a home for a close family member. I own my own home (well, about 33%, the bank owns the rest) and have a high enough income to support a second mortgage. I do not care whether the home is in my name (actually, this seems like a worse option due to the stamp duty) or in the family member's name. It's not an avoidance scheme, I just want to get a roof over their head.

A normal mortgage wouldn't work because I wouldn't live there and a BTL wouldn't work because I wouldn't charge rent. I hear there is such a thing as a mortgage for two people with only one actual owner, which is fine, as long as it's just my income that's checked. I'd really like to chat to a broker rather rather than push on with an application (I think Barclays and Leeds BS have relevant products) but all of these broker forms online seem geared up to normal mortgages...

Would be super grateful for any thoughts.

Caz3121

a joint borrower sole proprietor mortgage would probably fit the bill. I you search JBSP mortgage (google or similar) - should be a good start

haras_nosirrah

Joint mortgage sole proprietor.

I have two of those going through at the moment. Not too complicated mortgage wise but you will need to get independent legal advice.

SDLT_Geek

There is an article about the SDLT consequences of a Joint Borrower Sole Proprietor mortgages here https://www.taxadvisermagazine.com/article/additional-properties though more in the context of an unmarried couple. It should still be of relevance. A key issue is whether you expect to have an underlying share in the property.

99problemsandahouseis1

Many thanks for the comments - I hadn't heard of this terminology before. Google has suddenly become a lot more helpful!

To clarify, I don't expect any interest in the property. I just need a solution for how to help buy a second home for a relative which is based on my income. In the event that the relative dies, their dependents will need a home that I will need to pay for anyway. In the event that I die, my life assurance would cover at least one mortgage. I'd probably look to increase it so it would cover both.

I will get the necessary legal advice, but I'm very aware that it's a massive commitment for no reward.