Family Building Society launches Joint Borrower Sole Owner mortgage
Family Building Society is the latest lender to start offering Joint Borrower Sole Ownership mortgages. It enables one applicant to go on the mortgage and not the title deeds.
The society launched the mortgage so first-time buyers can boost their income to borrow enough money to get on the property ladder. It can also be used for younger borrowers to help older borrowers to stay in their home if their circumstances change.
Aaron Strutt, product director at Trinity Financial, says: “The society requires the borrower living in the property to have a realistic prospect of their income rising in the near future to be in a better position to repay the mortgage.
“Anyone applying for the mortgage who will not be living in the property should seek independent legal advice. The society highlights that in the event of a death or job loss, the other owner woudl be responsible for the debt.”
Applicants will need a 20% deposit for residential mortgages and between 35% and 40% for buy-to-let mortgages. The minimum loan size is £45,000 and the maximum loan size is £500,000.
Call Trinity on 020 7016 0790 to secure a Joint Borrower Sole Owner mortgage
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