Buying a home can be challenging, especially if your income alone doesn’t meet the lender’s affordability criteria. That’s where a joint borrower sole proprietor (JBSP) mortgage can help. It’s designed for situations where someone wants to help a loved one buy a home without being named on the property deeds.
This type of mortgage has become increasingly popular among first time buyers, families and even friends who want to support each other in getting onto the property ladder. But what exactly is a JBSP mortgage, and which banks offer them in the UK?
What Is A Joint Borrower Sole Proprietor Mortgage?
A JBSP mortgage allows two or more people to share responsibility for the mortgage repayments, while only one person legally owns the property. The borrower named on the title deeds will live in the home, while the second borrower helps with affordability.
For example, parents might use a JBSP mortgage to help their child buy their first home. The parent’s income is included in the lender’s assessment, increasing the total borrowing potential, but they won’t appear on the deeds. This means they avoid paying the additional 3% stamp duty surcharge that applies to second home purchases.
Unlike joint mortgages, only the main homeowner is on the title deeds, but both parties are responsible for making repayments. This setup can make a big difference for buyers who have a solid deposit but need help meeting income requirements.
Who Offers Joint Borrower Sole Proprietor Mortgages?
A growing number of high street and specialist lenders now offer JBSP mortgages. Each has its own eligibility criteria, so it’s important to compare the details before deciding which one suits your situation.
Some of the key UK lenders currently offering joint borrower sole proprietor mortgages include:
- Barclays – Up to four borrowers can apply, provided at least one lives in the property. Where the proprietor has an existing residential property that isn’t being sold, the maximum loan-to-value is 80% and all borrowers must sign the mortgage deed.
- Bank Of Ireland – Offers ‘First Start Mortgages’. These mortgages are ideal for first time buyers or home movers who need additional income support to meet affordability. First Time Mortgages offer up to 95% LTV (including fees) and a maximum loan of £500,000.
- Metro Bank – Offers flexibility for family-assisted mortgages, with a loan-to-value of up to 95% (90% on new-build houses and flats). This mortgage has criteria that allows joint borrowers to contribute without being legal owners.
- Skipton Building Society – Known for its first time buyer-friendly approach, offers JBSP acceptable up to a maximum 95% loan-to-value. 4 incomes can be accepted and used with no restriction on the relationship between the proprietor and supporting borrowers.
- Bath Building Society – Sometimes referred to as a ‘Family Assisted Mortgage’, offers mortgages up to 100% of the purchase price.
Each lender sets its own affordability rules and limits on who can apply. Speaking to a qualified broker can help you compare the finer details, including income requirements, property value limits and interest rates.
If you’d like professional advice on which banks offer JBSP mortgages and which option best suits your circumstances, call us on 01772 620000 to speak to our mortgage brokers in Preston, Southport and Garstang today.
How Does A JBSP Mortgage Work
With a JBSP mortgage, the lender assesses all borrowers’ incomes to determine affordability. However, the property ownership remains with the main applicant.
It’s important to understand that all named borrowers are jointly liable for the repayments. Even if one person isn’t living in the home, they share equal responsibility for making payments on time.
JBSP mortgages aren’t based on the property owner’s income alone. Instead, they combine all borrowers’ incomes to help meet affordability rules. This is particularly useful for younger buyers who may have lower earnings but a reliable support network.
Many JBSP mortgage lenders take a flexible approach to affordability, allowing family members to help with repayments without becoming legal owners. This gives confidence to both the main borrower and the family member supporting them.
For more information on mortgage types and how they work, take a look at our mortgage guides and video tips.
Why Consider A JBSP Mortgage?
The main reason people choose a JBSP mortgage is to increase their borrowing potential without transferring ownership. It’s a practical solution for first time buyers struggling with income requirements or for families looking to support younger generations.
A JBSP mortgage can also:
- Help buyers get on the property ladder sooner
- Avoid second home stamp duty charges
- Keep ownership simple and clear
- Support flexible repayment structures based on your financial situation
However, both parties need to be confident they can meet repayments. Legal and financial advice is essential before proceeding.
Our Mortgage Services
At Key Mortgage Advice, our team provides expert guidance across a wide range of mortgage products. Alongside JBSP mortgages, we also advise on first time buyer mortgages, remortgages, buy to let mortgages and commercial mortgages.
Whether you’re exploring JBSP options or looking for general mortgage advice, our brokers are here to help. You can also try our mortgage calculator for an idea of how much you could borrow.
A joint borrower sole proprietor mortgage can be a smart way to make homeownership achievable while keeping legal ownership simple. If you’d like clear, friendly advice adapted to your situation, call us today on 01772 620000 or email us at enquires@keymortgageadvice.co.uk.
Joint Borrower Sole Proprietor Mortgage FAQs
Who Can Apply For A Joint Borrower Sole Proprietor Mortgage?
Typically, JBSP mortgages are open to close family members, such as parents, siblings or children, but some lenders also accept friends. All applicants must meet the lender’s credit and affordability checks.
Do All Banks Offer JBSP Mortgages?
No. While several major lenders such as Barclays and Natwest do, not all banks offer this type of product. A mortgage broker can help you find which banks currently provide JBSP options that fit your circumstances.
Can You Remove A Borrower From A JBSP Mortgage?
Yes, but it usually requires a remortgage or a lender review to ensure the remaining borrower can afford the repayments independently.
Does A JBSP Mortgage Affect Credit Scores?
Yes. Because all borrowers are financially linked, any missed payments will appear on both credit reports. It’s important to keep repayments on time to maintain a healthy score for everyone involved.
