What is a Joint Borrower Sole Proprietor Mortgage?

Joint borrower sole proprietor mortgages (JBSPs) are bespoke mortgages that require carefully planned applications, and only certain lenders offer them. If you’re thinking of taking out a JBSP, it’s best to speak to an expert mortgage broker. That’s where Miles Rhodes Mortgages come in!         

A JBSP is a mortgage that you take out with your parents or family member. This gives you the ability to borrow more money on your mortgage. You are all responsible for paying the mortgage, however you’ll be the sole owner of the property. 

This type of mortgage can give you a boost at the start (when you need the most help) until your situation becomes more comfortable and you can afford the repayments on your own.

You’ll all need to pass the lender’s various checks, but a JBSP mortgage could open you up to properties that you wouldn’t have been able to afford on your own. This is because your family’s income is taken into account as well as your own.

Your family won’t be expected to stay on the mortgage forever. In fact, most lenders will want you to take over responsibility for the mortgage when you start earning more.