A family solution to affordability

12 May 2022

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.

Affordability Calculator

Find out how much your residential client may be able to borrow. To see affordability for a Buy to Let client, use our Buy to Let calculator

Find Your Local

Business Development Manager

Your Local BDM:

Arif Kara

Arif was previously a mortgage adviser, and focuses on North and West London. Contact Arif for help with your clients' mortgages.
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Your Local BDM:

Michelle Parry-Bunter

Michelle has worked for the Society for over a decade and focuses on the South Coast. Contact Michelle for help with your clients' mortgages.
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Your Local BDM:

Nathan Waller

Nathan, previously a mortgage broker, focuses on Cambridgeshire, East Sussex, Essex, Suffolk, Hertfordshire, Bedfordshire, Lincolnshire, Norfolk and Kent. Contact Nathan for help with your clients' mortgages.
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Your Local BDM:

Grace Bennett

Grace focuses around the West M25 area. Contact Grace for help with your clients' mortgages.
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Your Local BDM:

Darren Deacon

Darren has over 28 years' Financial Services experience and focuses on both the East & West Midlands as well as the Southwest. Contact Darren for help with your clients' mortgages.
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Your Local BDM:

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire & North East. Contact Paul for help with your clients' mortgages.
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We do not currently have a BDM covering your area. Please contact our Mortgage Helpdesk:

Opening hours: Mon - Fri: 8am - 5.30pm, Sat: 9am - noon

We may record any telephone calls we have with you in the interest of staff training, monitoring customer service or for security purposes.

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