We understand that first time buyers may need a little assistance securing a mortgage and will consider this when making a decision. If your client requires help from close family members, we’ll allow them to join the mortgage without having to be named on the mortgage deed. This can be an ideal solution to early affordability issues, especially when the applicants’ earnings are likely to increase as their career progresses.

Joint Borrower, Sole Proprietor criteria:

• The Society can offer mortgages on a Joint Borrower Sole Proprietor basis where one of the joint borrowers is not going to be a co-owner, ie. they will not be named on the title deeds.
• All applications will need to meet the Society’s current lending criteria.
• It is important that applicants are fully aware of the following important additional requirements:

  • All borrowers will need to seek separate and independent legal advice as part of the conveyancing process.

  • All borrowers must sign the mortgage deed in front of the Solicitor acting as the conveyancer. This must be on a face to face basis.

  • Release of one of the borrowers from the mortgage will require approval from the Society and be based on the mortgage being affordable by the remaining parties. Any legal costs incurred will be the responsibility of the borrowers.

Still got questions?  Contact your BDM - or view our full criteria.