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Expert advice for joint borrower sole proprietor mortgages.

Think a JBSP mortgage might be right for you? Our specialist advisors are here to guide you through the application process.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best JBSP Mortgage Deal For Your Circumstances

A Joint Borrower Sole Proprietor Mortgage (JBSP) allows another applicant to join the mortgage application to help make the mortgage more affordable. The use of Joint Borrower Sole Proprietor Mortgages will normally allow both incomes to be used to increase the amount the lender is willing to lend whilst letting one applicant reside in the property. When the bank says no our specialist mortgage advisors can help find you the best mortgage deal based on your circumstances.

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Helping you get on the ladder. 

Yes, this is exactly what a JBSP Mortgage is intended for. You may be looking to get onto the property whilst your income is low, and you know as you progress through your career you would likely earn considerably more resulting in the mortgage payments being much more affordable on your own.

At this point, you could look at options to Remortgage with a new lender and remove the other party. The ideal time to do this once your income has increased is when you are nearing the end of your mortgage deal so you can avoid paying any early repayment charges. Our mortgage experts can discuss this with you.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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Check your credit file.

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

My parents are willing to help with a Joint Borrower Sole Proprietor Mortgage can I remove them in the future? 

A JBSP mortgage is advantageous because it allows you to gain access to a larger mortgage than would have been the case if you were the sole person making the application. With more people potentially contributing to the deposit, this will also open up access to better mortgage deals and lower interest rates.

The other applicants, typically home-owning parents, won’t be liable to pay a second-property duty surcharge as their name won’t be registered on the title deeds. JSBSP mortgages are useful as they can also be used by first-time buyers to buy any residential property, not just new build properties which was previously the case with the government’s Help to Buy scheme which is ending in 2023.

Are there any drawbacks of JBSP mortgages?

A JBSP mortgage is a great option as long as the joint borrowers remain on good terms. Should the relationship break down, this can present difficulties. The non-legal owner may have difficulty having their name removed from the mortgage, and also would be legally responsible for the mortgage repayments (despite having no right to the property) if the legal owner stopped making the repayments.

Applications will inevitably be more complicated than applying on your own because of the verification and income checks required for multiple different people. While this type of mortgage is not widely available, When the Bank Says No can help you access specialist lenders willing to offer a mortgage suitable for your needs.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

Who can be party to a Joint Borrower Sole Proprietor Mortgage with me?

It would normally be parents but we have successfully obtained Joint Borrower Sole Proprietor Mortgages for customers whom close relatives and friends have been on the mortgage too. The lenders can be restrictive when looking for a mortgage using close relatives or friends but a specialist mortgage advisor like ourselves will be know the best lenders to deal with when considering a non family member on a Joint Borrower Sole Proprietor Mortgage.

Will I still own 100% of the property with a Joint Borrower Sole Proprietor Mortgage?

Yes you will as the legal owner, own 100% of the property. The non-legal owners named on the mortgage would not have a right to sell without your consent to do so. It is important to get the right legal advice from your solicitor assisting you with the purchase.

Frequently Asked Questions

My parents are willing to help with a Joint Borrower Sole Proprietor Mortgage. Can I remove them in the future? 

Most of the advantages and disadvantages of 85% LTV mortgages are relative. That is, they’re considered advantages or disadvantages compared to other more/less favourable scenarios:

Advantages

  • You’ll find a lot of mortgage providers that are able to offer an 85% loan.
  • The deposit is more affordable than higher LTV mortgages.
  • Less monthly payments than 90-95% LTV mortgages.

Disadvantages

  • You still need to save a large sum of money.
  • Higher interest rates than mortgages with lower LTV.
  • You’ll have more limited options than lower LTV mortgages.

No the stamp duty is charged when the legal owner will own an additional residential property. Because your parents are not the legal owners on a Joint Borrower Sole Proprietor Mortgage then their current residential status would not impact your stamp duty land tax bill. Your conveyancer will normally discuss this with you in more detail during your purchase process.

All parties to the mortgage would go through the mortgage application process. You would all be responsible for passing the credit checks, meeting the lending policy rules and providing satisfactory documentary evidence for your income and personal information. Your current outgoings including any other residential mortgages would be taken into account for your affordability. There would only be one legal owner which is normally the first applicant and only the legal owner would be registered on the land registry.

Yes it Is now more common to use a Joint Borrower Sole Proprietor Mortgage rather than a guarantor mortgage due the amount of products available being greater. There are many products available in the market which involves parental assistance. Our specialist advisors have access to lenders that offer JBSP, Guarantor mortgage and even deposit assistance which may be better for parents not looking to be liable for the mortgage debt whilst helping their children to get onto the property ladder.

It would normally be parents who enter into the joint mortgage arrangement, but we have successfully obtained Joint Borrower Sole Proprietor Mortgages for customers who had close relatives and friends on the mortgage instead. You can typically have up to four people on a JBSP mortgage, and while most lenders will cap what they will lend you (usually at 4.5 times the joint income), some specialist lenders may be willing to offer more.

Some lenders can be restrictive when you are looking for a mortgage using close relatives or friends to meet the monthly repayments, but a specialist mortgage advisor like ourselves will know the best lenders to deal with when considering a non-family member on a Joint Borrower Sole Proprietor Mortgage.

No stamp duty is charged when the legal owner will own an additional residential property. Because your parents are not the legal owners of a Joint Borrower Sole Proprietor Mortgage then their current residential status would not impact your stamp duty land tax bill. Your conveyancer will normally discuss this with you in more detail during your purchase process.

All parties to the mortgage would go through the mortgage application process. You would all be responsible for passing the credit checks, meeting the lending policy rules and providing satisfactory documentary evidence for your income and personal information.

Your current outgoings including any other residential mortgages would be taken into account for your affordability. There would only be one legal owner which is normally the first applicant and only the legal owner would be registered on the land registry.

Is now more common to use a Joint Borrower Sole Proprietor Mortgage rather than a guarantor mortgage due to the number of products available being greater. There are many products available in the market which involve parental assistance.

The difference between a JBSP mortgage and a guarantor mortgage is that both parties agree to contribute equally to the mortgage, whereas, with a guarantor mortgage, the other person only becomes responsible for repayments if the other is unable to meet them.

Our specialist advisors have access to lenders that offer JBSP, Guarantor mortgages, and even deposit assistance which may be better for parents not looking to be liable for the mortgage debt whilst helping their children to get onto the property ladder.

Specialist JBSP mortgage advisors.

If you’re looking into JBSP mortgages, it’s likely this is your first mortgage application – and that can be a scary time! JBSP mortgages can be a great way to manage the risk you pose to lenders, increasing your chances of success – and the amount you can borrow!

JBSP mortgages can help first-time buyers set their ambitions higher, and we’re passionate about guiding our clients towards success with this type of financial product. If you’re ready to get started, our expert advisors are here to help. From explaining the ins and outs in great detail to helping you craft your application, we’re here for you every step of the way.

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