Bank of Mum & Dad to the rescue

It’s well reported that first time buyers increasingly have little choice but turning to their parents to get on the property ladder – helping save for a deposit and qualifying for a loan. Against this backdrop a niche mortgage product is coming to the fore that enables parents to help financially without triggering a stamp duty charge (which can happen as parents’ involvement invokes a charge on ‘second homes’). Joint-borrower sole proprietor mortgages allow family members to back a buyer financially without becoming a co-owner.