Our Joint Mortgage Sole Owner arrangements offer a family solution to affordability. You may have always thought of it as a way for parents to help their children onto the property ladder or financially assist them with renovations.

But did you know JMSO can also be used by adult children to help their parents with affordability in later life? It can be a great way to enable parents to stay in their family home for longer without the need to downsize.

Benefits of JMSO 

• Up to four incomes can be used for affordability - one or two borrowers (who will own and occupy the property) can be supported by up to two other family members
• Supporting family members will not be liable for stamp duty on a second home - they will be listed on the mortgage but will not own the property.
  

Who is it suitable for? 

• Adult children helping their parents borrow in later life
• Parents helping their children buy their first home, step up the property ladder or help with renovations
• Couples with a Buy to Let property where the owning partner does not have sufficient income of their own
• Restricted to parents and adult children and cannot be used for grandparents or other family members.
  

Generous age limits apply 

For JMSO mortgages our standard generous age limits apply for the main (occupying) borrowers. 

Owner Occupier JMSO mortgages:

• Repayment mortgages, up to a maximum age of 95 at the end of term
• Interest-Only up to a maximum age of 89 when the loan commences
• Up to 80% LTV.

If your client needs a Buy to Let mortgage, they can apply for a JMSO arrangement on our standard product range:       

• Maximum age of 89 when the loan commences
• Up to 70% LTV.

If any of the loan is on an Interest-Only basis, the mortgage must finish before either the expected retirement age of the eldest supporting (non-occupying) borrower or by age 70, whichever is sooner.

Find out more and see how we can help your clients

We have a team of BDMs ready, willing and able to answer any of your queries and guide you through the application process. If you don’t have a BDM in your area, you can contact our dedicated Mortgage Desk.