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Understanding Joint Borrower Sole Proprietor Mortgages
Joint Borrower Sole Proprietor (JBSP) mortgages are designed to assist clients with lower incomes by improving affordability. In this type of mortgage, a second borrower joins to boost borrowing capacity.
However, the second borrower is not listed on the property deeds, meaning they do not legally own the property. Despite this, they are liable for the mortgage payments, making it a unique option for affordability challenges.
FAQ'S
What is a Joint Borrower Sole Proprietor mortgage and how do they work?
A Joint Borrower Sole Proprietor mortgage is a mortgage in joint names, where the second borrower is not named on the deeds.
These types of mortgages are designed to assist clients on a lower income. The second borrower can join the mortgage to boost the affordability – so they would be able to borrow more. As the second borrower isn’t on the deeds of the property, they do not legally own the property – but they are liable for the mortgage.
Can you have a sole mortgage on a joint property?
I’ve never actually had an enquiry about this and very few lenders offer it. It’s not very common. It’s unlikely lenders would allow you to take out a mortgage on a property in a sole name if it is jointly owned.
That question is potentially asked in a situation where one person in a couple had really bad credit or had been made bankrupt. They might not be approved for a mortgage – but they want to own a share of the property. But I don’t think many lenders would be happy with that.
The Role of Mortgage Brokers in Securing JBSP Mortgages
A JBSP mortgage can also offer solutions in more complex scenarios. For instance, in cases of separation, a parent or sibling can join the mortgage to help one party stay in the property, especially when affordability is an issue on paper. The flexibility of this mortgage type allows individuals to remove an ex-partner from the mortgage and retain the home without needing to sell or move.
Working with a mortgage broker is essential for exploring JBSP mortgages, as these products aren’t always available from high-street lenders. A broker can assess your specific needs, compare available deals, and recommend the most appropriate solution. This saves time, ensures you’re fully informed, and potentially reduces costs. However, it’s crucial to note that JBSP mortgages are a significant commitment for the second borrower, as they share full liability for the mortgage repayments without owning the property. Always consult with a broker to understand your options and obligations fully.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
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