Our Customers rate us 4.6 out of 5
Expert advice for joint borrower sole proprietor mortgages.
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.
Find me a mortgage broker...
Get an instant quote by letting us know what you’re looking for:
How Much Can You Borrow?
Get an instant quote by filling out the following:
When The Bank Says No is working closely with leading providers...
Useful links to begin your Mortgage Journey
MOST POPULAR
Bridging Finance Brokers
When you need to bridge a gap in your finances, we are there to find suitable finance options for you.
MOST POPULAR
Bad Credit Mortgages
When your credit record isn’t the best and you’re struggling to find a lender, we can step in so you don’t miss out on your dream home.
Buy-To-Let
Need help navigating buy-to-let mortgages? With our help we’ll make it easier than you think, even if you have bad credit.
NEW SERVICE
Remortgaging
Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.
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 mortgage lender is willing to lend, while allowing one applicant to reside in the property. When the Bank Says No, as specialist mortgage advisors, can help find you the best JBSP deal based on your circumstances.
Helping you get on the ladder.
A JBSP Mortgage can help you get onto the property ladder at a time that your income is low. You will enter the mortgage arrangement with the understanding that as you progress through your career you will 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.
Let's get the ball rolling.
We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
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.
What are the pros of choosing a Joint Borrower Sole Proprietor mortgage?
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 a combined income and 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 ended 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
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 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.
Will I still own 100% of the property with a Joint Borrower Sole Proprietor Mortgage?
Frequently Asked Questions
How does a Joint Borrower Sole Proprietor Mortgage work?
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.
The mortgage term could be limited by the presence of older borrowers on the JBSP because some lenders have an upper age limit for the oldest borrower, which is generally around 75-80 years. This would mean for a 25-year mortgage term, the maximum age when the mortgage commences would be around 50-55 years. Some mortgage providers are more flexible about age limits for borrowers.
Is a Joint Borrower Sole Proprietor Mortgage a guarantor mortgage?
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 involve parental assistance of some sort.
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.
My parents are willing to help with a Joint Borrower Sole Proprietor Mortgage. Can I remove them in the future?
Who can be a party to a Joint Borrower Sole Proprietor Mortgage with me?
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.
I am a first-time buyer but my parents own their own home will I have to pay an extra 3% stamp duty?
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.
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.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
Get In Touch With A Mortgage Specialist Today