Joint Borrower, Sole Proprietor Mortgage Help

Phil1001

Good Afternoon,

Sorry if this has been completely covered elsewhere on the forum already, I know it is annoying when people ask the same question over and over.

I could really do with some help if possible.

Me and my partner are looking to buy a house and we are living together but not married.

She is a first time buyer however I currently own a BTL property.

Due to affordability we cannot put the whole mortgage in her name however I have been reading about "joint borrower sole proprietor mortgages" being a way around the higher 2nd property SDLT. There seems to be a lot of varying information around about weather this is the case and how it works.

I understand I will sacrifice my rights to the property, which is fine, but apart from that I'm not sure on the implications.

I am also really struggling to find which lenders would offer this product in our situation i.e non family and will be living together.

I would appreciate any information you could offer and possibly a steer on any lenders who offer this type of mortgage.

Thank you

LRmortgage

Speak to a Broker. This is quite specialist. brokers on this forum are not allowed to specifically name lenders as it can be seen as individual advice.

Phil1001

Thanks for the reply LRmortgage,
I had a feeling that might be the case.
I have spoken to a broker and they think only one lender will do this.
From other posts I have seen on here it looks like some of the brokers have had experience of this and I was just hoping they would be able to point me in the right direction as to who/which lenders offered this mortgage, more information than advice.
Thanks again.

getmore4less

latest thread on the subject

https://forums.moneysavingexpert.com/discussion/5955053/mortgage-in-one-name-house-in-joint&highlight=

kingstreet

Wrong way round, gm4l.

This case is joint borrower, sole proprietor or a guarantor mortgage.

Sole borrower, joint proprietor is the HSBC option.

SDLT_Geek

There is an article about SDLT aspects of joint borrower, sole proprietor structures here: https://www.taxadvisermagazine.com/article/additional-properties

getmore4less

kingstreet wrote: »

Wrong way round, gm4l.

This case is joint borrower, sole proprietor or a guarantor mortgage.

Sole borrower, joint proprietor is the HSBC option.

still fits as there is a link in that thread to a previous thread that was Joint borrowers, NO proprietor.

HSBC are the only option unless someone knows of another.

https://forums.moneysavingexpert.com/discussion/5763258/can-i-go-on-the-deeds-but-not-on-the-mortgage&highlight=hsbc+mortgage+h%20%20ouse+joint

Tom99

[FONT=Verdana, sans-serif]Would you be happy not having anything written down as to you owning part of the property?[/FONT]
[FONT=Verdana, sans-serif]Is your partner going to put up 100% of the deposit? If some of the deposit is yours you would have to make an unconditional gift of that amount to her and, even so, if you are living in the property I cannot see a mortgage co believing you.[/FONT]
[FONT=Verdana, sans-serif]Will you be paying any of the mortgage? Is so wouldn't that imply you are 'buying' a share.[/FONT]

kingstreet

There's a handful of lenders offering joint borrower, sole proprietor products and a broker is best placed to match you with the best lender/product for your circumstances.

Adamp85

Hi long shot of a question... My brother has asked me tto help him with jbsp mortgage I'm happy to help but was wondering does effect me in any way in getting a first buyer mortgage for myself in the future? Thanks

MovingForwards

Adamp85 said:

Hi long shot of a question... My brother has asked me tto help him with jbsp mortgage I'm happy to help but was wondering does effect me in any way in getting a first buyer mortgage for myself in the future? Thanks

Commented on your thread.