Does John Charcol offer a joint mortgage application with a the option for a sole proprietor?

Posted on 16 February 2016 by Bob


In a Moneywise article from 2014 it said that John Charcol offered a product called a joint borrower, sole proprietor mortgage. Is this product still available?

Hi, thanks you for your question, via our ‘Ask the Expert’ section of our website. Typically, most lenders require that if both names are on the mortgage, then both names must be on the deeds. However, there are a couple of lenders that do offer what's known as a joint borrower/sole proprietor product, which is effectively where two applicants are named on the mortgage, but the title deeds would be in just the one sole name.

To explain why you might want to do this. A parent could be assessed as part of a mortgage application with their son or daughter but the house could just be in their child's name. With this the parent's incomes would be assessed as part of the affordability calculation, meaning the child could potentially borrow more, but both the parent and their child would be responsible for the mortgage repayment.

This facility is currently still available through a number of lenders and there are other lenders whom may consider this type of transaction on an individual basis but this will be subject to being receipt of your financial circumstances.

For more information I'd suggest that you call us at John Charcol and ask to speak with Paul Newman who is one of our senior consultants. He will be able to best assist you in the complexities of this type of mortgage.

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We recommend you seek professional advice with regard to any of these topics where appropriate.