Joint Borrower Sole Proprietor mortgage secured for our mother and daughter clients
Trinity Financial's broker recently arranged a Joint Borrower Sole Proprietor (JBSP) mortgage for a mother to help her daughter purchase her first home. They were in a rush to get a mortgage offer!
Did they have a complex situation?
The daughter had recently qualified as an accountant, so her income was not sufficient to secure a large enough mortgage. However, her mother, a higher-earning finance professional, was willing to go on the mortgage. She also provided a gifted deposit.
Lots of first-time buyers need to tap into the Bank of Mum and Dad and JBSP mortgages are now very popular.
They had found a property to buy, but as it was an investor-led block of flats where approximately 80-90% of the flats were rented out, the choice of lenders was limited.
Why did they need our help?
Our clients felt it was better to seek expert mortgage advice to ensure they obtained a suitable mortgage for buying in this specific block of flats.
Did we struggle to find a mortgage lender?
We initially went with a large building society – not knowing about the property yet – as they worked affordability-wise and were competitive rate-wise for a JBSP case.
The lender then declined the property after the valuation because the block was investor-led. So, our adviser had to find a new lender that would use a different surveyor. He made a call to one of our contacts at a rival bank, and they assessed the mortgage application and property over the phone to confirm it was likely to be acceptable before the mortgage application was submitted.
We then resubmitted it with a large bank and it went through. However, it did get a tight timing-wise, as the client wanted a mortgage offer before confirming to the vendor that they wanted to proceed. Having a broker was helpful in this situation, as our broker chased the lender daily.
Was the rate particularly good?
It was competitive and in the 4%’s. We have just changed them to a new broker-exclusive rate at just below 4.10%.
Where did they get our details from?
Our clients found our contact details online and sent us an enquiry.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
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