PROPERTY

The new-style Bank of Mum and Dad

Some mortgages allow families to add their incomes together to secure larger loans for first-time buyers
Joint borrower sole proprietor mortgages allow relatives to club together to secure a loan
Joint borrower sole proprietor mortgages allow relatives to club together to secure a loan
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Many people are starting 2019 with hopes that this will be the year they become homeowners. There are a number of schemes to help them along — Help to Buy, shared ownership and the Lifetime Isa — but there’s also a special mortgage offering a leg-up. Joint borrower sole proprietor mortgages allow parents and other relatives to club together with their children, using their combined earnings to secure a loan.

Banks and building societies will typically lend four and a half times earnings, but with the average first-time buyer in London purchasing a home worth 13 times their income, many people cannot afford to buy without help from family. Even in the North East, the most affordable region for first-time buyers, people typically spend five