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The joint mortgage sole proprietor mortgage is aimed at people who cannot afford to get a mortgage by themselves. 


What it means is that an applicant without the affordability can receive support from a family member, friend or partner to jointly apply for a mortgage, without being a registered legal owner of the property. 


For example, a parent can support the mortgage of their child as a non-legal owner whilst the child remains the legal owner, or a partner can support the mortgage without being a legal owner, leaving the other partner to be the legal owner. 


How does this product work? 


The joint mortgage sole proprietor product works differently to a joint mortgage as the applicant being used to support the salary is never classed as a legal owner of the property. 


This means that the non-legal owner wouldn’t benefit from any increase in value or rental income from the property. 


What should I do? 


Firstly, you should draft a deed of trust, so that both the legal owner and the non-legal owner of the property can detail their intentions and their contingency plans if anything was to go wrong. 


Secondly, both owners should set out a will to detail what happens should one party pass away.  


This is especially important for the legal owner of the property as the non-legal owner will need the property to be sold by the executors of the will to release them from their obligations to make the mortgage repayments. 


I want to proceed; how do I go about it? 


Once you’ve discussed with the person you will be partnering with on the mortgage, speak to one of our expert advisers who will be able to help you with the next steps.