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Feature of the Week

Joint borrower / sole proprietor from Metro Bank

How we can help........

  • Help your clients to assist a close family member to buy their first home or move house
  • Up to 4 applicants on the mortgage and up to 4 incomes considered
  • Max age 80 at the end of the mortgage term
  • Additional applicant(s) must be close family relatives
  • Available on both Residential and BTL Mortgages
  • 90% LTV residential product range available

A trainee doctor was looking to purchase his first home near to the hospital where he worked in London. He found a new build studio flat for £300,000 and had a 25% gifted deposit from his father. His current income was £30,000 but would increase once he had finished his training. His father was happy to support the mortgage but did not want to be on the deeds.

The applicant’s father was a senior surgeon earning £150,000 a year and had his own mortgage of £500,000. He was 59 with a pension fund worth £600,000 and BTL properties containing £100,000 of equity, in addition he held a cash ISA with a value of £120,000.

Given the age of the father, we could offer a joint borrower, sole proprietor mortgage for 10 years on an interest only basis using the father’s assets as a repayment strategy allowing the son to purchase and move into his new home/

Plus don’t forget our 5-Year Fixed Rates starting from 1.79%.

For full details on the points detailed above please refer to our Mortgage Lending Criteria Guide, speak to your BDM OR call our Broker helpdesk on 0203 427 1019.