There are many reasons that contribute to whether an individual is financially secure enough to get a mortgage on their own. There are many prerequisites to getting a mortgage. These prerequisites may include, but are not limited to, having a strong salary on a permanent contract, having enough money for a deposit, having enough additional money in case of unemployment, and an excellent credit history and credit score. There are many ways these factors can be approved in order for people to get a mortgage approved by their chosen lender.

Many people will ask for advice from financial advisors to improve their situations. Credit scores can also be fixed using tactical methods. Another option for those who cannot afford a particular property would be the use of a joint borrower sole proprietor mortgage. This type of mortgage is aimed at people who may not have sufficient funds on their own but can afford the mortgage with the assistance of a joint applicant. The joint applicant can be a friend, partner, or a family member. Both the applicants need to be responsible and the joint applicant should be chosen carefully. Both parties will be liable to repay the full mortgage debt. The joint applicant will not always be a registered legal owner of the property but will still bear all the responsibilities that come with home ownership.