Our clients' situation
This buyer was looking to buy a brand new 2 bed flat with a 10% deposit provided by his father. He qualified for First Time Buyer Stamp Duty relief, saving around £25,000* — which made securing the right structure essential. He works for a bank and initially planned to buy alone, but based on affordability, he needed his father’s income to make the numbers work. His father has his own residential home with a mortgage, and both incomes were required to make the affordability work.
There were additional considerations:
• The property was new build, but only had an architect’s certificate, not a full new build warranty. This significantly limited lender choice.
• The deposit was coming from his father.
Alexander Hall's solution
After assessing his goals, income, and credit profile, we advised using a Joint Borrower, Sole Proprietor (JBSP) structure. This allowed the father’s income to support the affordability while ensuring our client remained the sole owner of the property. Despite the constraints around the warranty and deposit source, we identified a suitable lender who accepted the structure and the property. Not only did this allow him to purchase the home he wanted, while keeping ownership solely in his name — he also secured a significant Stamp Duty saving. The mortgage was approved successfully and is about to exchange.
To talk to one of our advisers about your mortgage needs, call us on 08000 38 37 36 or book an appointment today.
*Stamp Duty calculator. Stamp Duty savings depend on individual circumstances and First Time Buyer eligibility.
This is for information only. Products and rates vary depending on your circumstances, lender criteria and products available at the time.
There may be tax implications when arranging this type of transaction, this depends on your personal circumstances and may change. We recommend that you take independent tax advice before making these decisions.
