Peter: Joint Borrower Sole Owner case study
Offering a Joint Borrower Sole Owner solution
Who did we help?
Peter (28) is an apprentice IT support worker for a large pharmaceutical company earning £30,000 a year. His dad Tony (50) is a senior engineer earning £59,000 and his mum Pauline is retired and receives a private and state pension. Tony also has a private pension and will qualify for a state pension. Together their total pension income is £70,000.
Pauline and Tony have a small mortgage of £66,000 on their £250,000 residential property. They also own a Buy-to-Let (BTL) property with an outstanding balance of £74,000 on a value of £210,000. The rent received is £1,400 a month which covers the mortgage payments of £400 a month.
"Peter's dad was happy to help get his son on the property ladder but didn’t want to be on the title deeds."
What did he need?
Peter was keen to buy his first house and was looking to borrow £140,000.
He had managed to save a deposit and his only other significant financial commitment is a car loan which costs him £200 a month.
Why was he facing challenges?
As an apprentice, Peter’s salary is capped but upon completion of his apprenticeship he will earn £40,000 and this will increase each year.
His dad was happy to help get his son on the property ladder but didn’t want to be on the title deeds. Peter’s broker was struggling to find a lender who would accept this case.
How did we help
Residential Mortgage for Company Director
Manual underwriting helped overcome barriers created by a change in company directorship.