March 2020 Update
As a result of the UK government’s “stay at home” advice, we have temporarily reduced our mortgage range to just offer a limited range of fixed rates for residential purchases. As a result of this, our Joint Occupant, Sole Proprietor offering is not currently available.
While we fully expect this to be a temporary measure and we are reviewing the situation daily, we cannot say how long this will be the case. We will update here and by email to our broker panel when things change.
With the ever increasing struggle for first-time buyers to raise a deposit and manage the monthly repayments on their own mortgage, Furness Building Society might just have the answer.
Joint borrower sole proprietorship mortgages are a great solution for young people looking to get on that first rung of the property ladder and who have family members who are willing to help them out just until they are earning enough to support the mortgage themselves.
This solution from Furness allows family members to join the mortgage so that their income can be used when assessing the case but there is no need for them to be added to the title deeds. Furness use their standard lending criteria and there is no need for any additional security such as savings to be taken as collateral.
This solution will also work for parents who own their own home and will not want to be caught by the increased stamp duty that could apply if they had to appear on the title deeds.
Peter is a 28 year old apprentice IT support worker with good career prospects.
He has seen an ideal property near work that will be a great first home for him but is struggling to find a lender that will help.
Our case study explains how were able to help Peter with the support of his Dad.
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