Bank of Ireland launches Joint Borrower Sole Proprietor mortgage
Bank of Ireland is the latest lender to launch into the Joint Borrower Sole Proprietor mortgage market.
The bank has introduced two “First Start” products available for mortgages up to £500,000 and 95% loan-to-value.
As part of the criteria, clients can choose if the property is owned by the applicant(s) or jointly by the applicant(s) and the sponsor.
A sponsor must be a close relative such as a parent or step-parent of any applicant that will reside in the property, who is added as a co-borrower.
Aaron Strutt, product director at Trinity Financial, says: “The highest earning applicant must have an annual income of at least £20,000 to qualify. Also, the sponsor’s minimum income must be at least £30,000 and they must own a residential property in the UK.”
“Bank of Ireland’s rates are more expensive than the other lenders offering this niche piece of criteria. The is no arrangement fee and £500 cashback paid on completion.”
If the property will be owned in the name of the applicant(s) only, then a condition of the mortgage offer states the sponsor must receive independent legal advice before completion of the purchase.
To secure a Joint Borrower Sole Proprietor mortgage, call Trinity on 020 7016 0790.
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