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Joint proprietor sole borrower does this exist!?

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  • Joint proprietor sole borrower does this exist!?

    My father is selling his property, the money from that house will be a deposit on my first house. We are all going to live together for the rest of his life. I need to get a mortgage on the remaining value of the new property. He says he wants to be on the deeds of the new house but because of his age (bearing 70) he is not eligible to be on the mortgage. As I understand this is know as Joint Proprietor Sole Borrower.

    Are there any lenders out there that will agree to these terms???

  • #2
    The short answer is NO

    You have alternative options instead:

    - he could be on the mortgage even if he's 70
    - he could have a deed of trust in place, which would help secure his interest in the property
    - he could have a second charge on the property, i.e. when the property is sold, the lender would get paid first, then your dad would get paid second and any money left over from the sale would come to you
    I am a Mortgage Advisor
    For further information and for tailored advice:
    [email protected]