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.
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.
Maximise your chance of approval with specialist advice from an expert in Joint Borrower Sole Proprietor Mortgages
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.
Joint borrower mortgage FAQs.
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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.
Helping you get on the ladder.
You may be worried that you'll never get on the property ladder – that property prices are too high and your income won't stretch to cover the monthly mortgage repayments. Don't worry, JBSP mortgages are a great way for you to own your first property with the help of your family members.
We can help you navigate the joint mortgage application process, explain all the intricacies of this financial product, and dispel any fears you might have. Together, we'll start your home-owning journey the right way.