Joint application sole proprietor
Our standard acceptability
Indicates if we will accept applications from joint borrowers where only ONE applicant will OWN the property. A good example would be a close family member who wants to help increase the borrowing capacity.
We can accept applications where one applicant only is to be an owner and up to two other applicants are to occupy the property. Each application needs to be referred for consideration prior to submission.The two categories we'd consider are where son/daughter wish to use mother/father to support their income to secure the loan they need but that in time (approximately five years) the likelihood is their income will grow sufficiently to afford the mortgage in their own right.The other scenario is where an elderly parents needs the support of their son/daughter so secure a mortgage.Please refer either scenario to us for consideration before submitting an application.
Using the first scenario where son/daughter are seeking the support of a parent to secure the mortgage they need, where their is no prospect of the son/daughter affording the mortgage in their own right within approx. five years we wouldn't be able to accept an application on joint application sole proprietor.
29 August 2018