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.

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?

Our Joint Borrower Sole Owner solution proved the key to home ownership for hard working Peter. We were able to approve his mortgage on the basis that his income will improve, his dad’s current income and the overall financial stability of both parties. 

 

Could our Joint Borrower Sole Owner solution help one of your clients? Give our Furness for Intermediaries team a call on 0800 988 1561 or contact your Business Development Manager.