What is a Joint Borrower, Sole Proprietor (JBSP) Mortgage?
A JBSP mortgage is a specialist type of lending to help people get on the property ladder. It enables home buyers to purchase a home with the assistance of a family member. Crucially, while both you and your family member remain responsible for repaying the mortgage loan, you will remain the sole proprietor of the property.
Here’s how it works:
- Useful if you have struggled to get a mortgage based on your income alone
- Enables you to benefit from the goodwill of a family member or sometimes it can be a someone like a god parent or a friend
- Generally it would be just one family member, but some lenders will allow up to 4 borrowers on the mortgage
- You will be the homeowner which means you will own 100% of the property (sole proprietor)
- You and your family member are both named on the mortgage and you are both responsible for making the mortgage payments (joint borrower)
- The lender will take into account both your income and that of the family member in order to assess how much they will loan you
- By using yours and your family member’s income, you may be able to borrow a larger mortgage than you would on your own
- With a JBSP mortgage the stamp duty is usually only paid by the proprietor
Not all lenders deal with these types of mortgages. With a more complicated application and also needing to use more specialist lenders, we would advise you speak to a mortgage broker like Your Mortgage Expert.
We understand how these types of mortgages work and can advise you on how to apply for one.
Contact us today for Joint Borrower, Sole Proprietor (JBSP) Mortgage advice. You are more likely to have a successful outcome if you use an experienced mortgage broker like us.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Meet the team
Our small, friendly team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. Sometimes it’s nice to put a name to a face. So if you want to find out more about us, visit our Meet the Team page.
Our team has:
- Over 80 years of experience in the mortgage and protection industry
- All members of our customer facing team have mortgage qualifications
- We have over 100 five-star reviews on Google
- Have helped hundreds of First Time Buyers get the home of their dreams
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Email Dan AllenDan Allen - Mortgage Adviser
Dan Allen has worked with mortgages for over 10 years. He takes time to understand different lender criteria. His wealth of knowledge means he will know which lenders will work for you situation. -
Email Dan HarrisDan Harris - Mortgage Adviser
Dan Harris first started working in mortgages in 2004. Since then, he has helped lots of First Time Buyers. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation.