Skipton Changes To Joint Borrower, Sole Proprietor Mortgages

by | Tuesday 8th Aug 2023 | Mortgage News

Skipton Building Society support potential borrowers

Skipton Building Society support potential borrowers (Source:

In a strong move set to improve mortgage lending and affordability in a tough market, Skipton Building Society has unveiled their Joint Borrower, Sole Proprietor mortgage products. This offering gives aspiring homeowners an exceptional opportunity to achieve their property dreams by tapping into the combined financial strength of up to three additional borrowers. The joint borrower, sole proprietor mortgages leverage the income of all four parties to assess affordability rather than one or two, potentially enabling borrowers to secure loans of up to 95% Loan-to-Value, subject to other standard mortgage criteria.

Primarily designed with the goal of expanding homeownership options, the joint borrower, sole proprietor mortgages can be useful in a lot of different situations. Whether you’re a first-time buyer aiming to step onto the property ladder or someone looking for higher affordability while remortgaging, Skipton’s joint borrower, sole proprietor mortgage might be a good option.

What Does the Skipton Scheme Offer?

One of the standout features of the joint borrower, sole proprietor offering from Skipton is its inclusivity, as there are no constraints placed on the relationship between the main borrower and the supporting borrower(s), commonly referred to as the non-proprietor. whereas other lenders may insist on close relatives. This flexibility ensures that borrowers can collaborate with family members, friends, or other associates to support their borrowing capacity and overall financial strength.

Another good aspect of the mortgage offering is the freedom it provides in terms of product selection. Borrowers can choose from any product available within Skipton’s core residential range, including options such as cashback products, allowing them to tailor their mortgage arrangement to their unique needs and preferences with the help of a mortgage broker.

Another potentially positive element is that age considerations are also factored into the equation. Skipton recognises that financial journeys can span different life stages, that’s why the maximum age of 80 may be taken into account for the oldest supporting borrower when determining the maximum mortgage term, particularly when their income contributes to affordability. So for example, a 30 year old home buyer could go on the mortgage with a 50 year old parent and could still take a 30-year mortgage term.

Who Can Use the Scheme?

Often joint borrower, sole proprietor mortgages are considered to be aimed solely at first-time buyer, however they are not exclusively designed for these borrowers alone. The offering from Skipton is actually applicable to a variety of scenarios, covering property purchases, remortgages, and transitions from standard mortgages to joint borrower, sole proprietor mortgages. It’s is however worth noting that if a borrower is remortgaging, the maximum LTV adjusts to 90% rather than the 95% LTV available to purchasing borrowers.

Speak to a Mortgage Expert About Joint Borrower, Sole Proprietor Mortgages

As the mortgage industry continues to evolve, the schemes and initiatives such as joint borrower, sole proprietor mortgages from Skipton Building Society are starting to become more and more popular alternatives to a traditional mortgage loan. if you or anyone you know is interested in exploring joint borrower as an option, or just wants to know what their mortgage options are in general, please feel free to get in touch with us at Oportfolio. Our team of mortgage experts are on hand to give you information and guidance. Just drop us a message or give us a call. We are here to help.

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