Joint application sole proprietor

Our standard acceptability

Acceptable

Criteria definition:

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.

Policy Notes:

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. We would consider applications where adult children wish to use their parents, sibling’s, parents’ siblings or grandparents 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 parent needs the support of their son/daughter so secure a mortgage. Please refer the scenario to us for consideration before submitting an application.

Warning Notes:

Using the first scenario where adult children are seeking the support of their parents, sibling’s, parents’ siblings or grandparents 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 borrower sole proprietor.

Criteria categories:

• general
• Policy

Last updated:

29 August 2018