Liam Fairweather, a 26-year-old video editor, was living in a damp flat in Tooting, London, that was causing him to have a persistent cough. His parents, Jo and Martin Fairweather, decided to help him escape his rental nightmare and become a homeowner in London by using a little-known buying hack.
The Fairweathers combined their incomes to increase Liam’s borrowing amount and contribute 70% of the deposit needed for him to purchase a £390,000 flat in east London. This allowed Liam to leave his disliked house share and buy his dream home.
Living in a rented house share in London, Liam experienced typical issues such as damp spots being painted over instead of fixed, delayed repairs, and rent increases. Despite having savings of £17,000, he could only afford a property worth £169,000 with a standard mortgage.
When Liam’s mum learned about Joint Borrower Sole Proprietor mortgages, she suggested this option to her son. Initially hesitant to accept financial help, Liam eventually agreed to explore this opportunity. With the assistance of a mortgage broker called Tembo, Liam was able to secure a JBSP that combined his, Jo, and Martin’s incomes to increase his borrowing capacity to £400,000.
After negotiating a deposit split of 30:70, Liam contributed £17,000 from his savings, while Jo and Martin provided £43,000 by remortgaging their home. This innovative approach allowed Liam to purchase his dream flat and take on the responsibility of homeownership.
Since moving into his new home, Liam feels a weight has been lifted off his shoulders. He is grateful for the support of his parents and is excited to take care of his flat on his own terms. Jo and Martin are delighted to see their son happy and settled in his new home, knowing that their assistance has made a positive difference in his life.
The journey of Liam Fairweather from a rented flat with damp issues to owning a London home showcases the benefits of exploring alternative mortgage options and seeking support from family members. By utilizing a Joint Borrower Sole Proprietor mortgage and combining their incomes, the Fairweathers were able to help Liam achieve his goal of homeownership and improve his quality of life.