Residential policy
A joint borrower sole owner mortgage occurs where there are more borrowers than there are owners listed on the property title.
Availability
We offer JBSO mortgages for residential mortgages on properties in England, Scotland and Wales.
The case must be a residential purchase or like for like remortgage. There must be no increase to borrowing taking place as part of the transaction.
JBSO mortgages are subject to our usual LTV limits but where any applicant has another mortgage it should usually be under 80% LTV, otherwise we may limit our LTV to 80%.
Applicants
There must be 2 borrowers and 1 owner.
One applicant will be a borrower and an owner, and the other will be a borrower but not an owner. We cannot lend where there are additional property owners who do not want to be on the mortgage.
We usually need all borrowers to be related, such as spouses, partners, parents and children. If this is not the case, please check with us before applying to see if we can help.
The background liabilities of all borrowers will be considered for affordability. Where the applicants will collectively have more than one residential property, this will include household expenditure for all properties.
Please note
We recommend non-owning borrowers take independent legal advice, but this is not a condition of lending.
Please use the additional information section of the application to let us know that this is a Joint Borrower Sole Owner case and which of the applicants is the sole owner.
Joint Borrower Sole Owner is not available for BTL.