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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Joint Borrower Sole Proprietor Mortgage Advice From Our Team
A joint borrower sole proprietor mortgage, or JBSP, lets a parent or other family member add their income to a buyer’s mortgage. They are named on the mortgage but not on the deeds, so the buyer owns the home on their own.
It can help a first-time buyer when their wage alone will not stretch far enough. Our team live and work locally and advise buyers and families in Derby and Derbyshire and the rest of the UK, in person, by phone or by video call.
How a JBSP Mortgage Works
Named on the mortgage
The helper signs the mortgage and the lender counts their income. You are both responsible for the full monthly payment.
Not on the deeds
Only the buyer owns the home. The helper has no legal share in it, even though they help pay for it.
Who can help
Most lenders want a close family member, such as a parent, step-parent or grandparent. Some accept other relatives.
Age and term
Lenders set a top age, often 70 to 80 when the mortgage ends. An older helper can mean a shorter term and higher payments.
Stamp duty
The buyer pays stamp duty as normal and can still claim first-time buyer relief. The helper does not pay the higher rates.
Legal advice
Most lenders ask the helper to take their own legal advice and sign to say they have no claim on the home.
Want to Know What You Could Borrow Together?
Use our calculator for a first idea, or call us for a quick chat.
Is a JBSP Mortgage Right for You?
It could suit you if
- Your child earns too little to borrow what they need
- You want to help but have no savings to give
- You own a home and do not want to own a second one
- You trust each other and can talk openly about money
Things to think about
- You must pay the whole mortgage if your child cannot
- The mortgage shows on your credit file and can limit your own borrowing
- You have no share in the home, even though you help pay for it
- Coming off the mortgage later needs the lender to agree
How It Works
Get in touch
Call us or send an enquiry with a few details about the buyer, the helper and your plans.
First chat
We look at the numbers for you both, explain the risks and list the documents you need.
Mortgage in principle
We compare lenders that offer JBSP mortgages and get a mortgage in principle so the house-hunt can start.
Application to completion
We handle the paperwork, the lender and the solicitors, and keep you updated until you get the keys.
More Ways Family Can Help
Why Choose Mortgage & Finance Arena
Local advisers
Our team live and work locally and know the local market.
Whole of market
We compare lenders across the market, not just one bank.
Plain English
We explain each step so you always know what happens next.
Complex cases welcome
Poor credit or self-employed? We know which lenders can help.
We handle the paperwork
We deal with the lender and keep you updated until completion.
FCA regulated
Mortgage & Finance Arena Ltd is authorised and regulated by the FCA (No. 706676).
Joint Borrower Sole Proprietor Mortgage FAQs
It is a mortgage where two to four people borrow together but only one of them owns the home. Parents often use it to help a child buy their first home.
No. Stamp duty is paid by the person buying the home. As the parent is not on the deeds, the higher rates for extra homes do not apply. A first-time buyer can still claim first-time buyer relief.
Yes, some lenders accept grandparents. Age limits matter, as many lenders want the mortgage paid off by age 70 to 80. A shorter term means higher monthly payments.
A guarantor only pays if the buyer cannot, and their income may not count. With a JBSP, the helper is a full borrower and the lender counts their income, so the buyer can often borrow more.
A gifted deposit means handing over money you do not get back. A JBSP needs no cash from you, but you share the mortgage debt. Some families use both.
Often, yes. Once the buyer earns enough to borrow alone, they can ask the lender to remove the helper or remortgage in their own name. The lender will check they can afford it.
Yes. The mortgage shows on your credit file and lenders count it if you apply for credit. Missed payments would also harm your credit score.
Ready to Talk?
Tell us about your plans and one of our team will call you back.
Your home may be repossessed if you do not keep up repayments on your mortgage. Mortgage & Finance Arena Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 706676).
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Honest opinions from people like you
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance area to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.
The advice and financial services I have recently had from Charlotte at Morgage And Finance Ltd in Derby has been first class. Very professional, helpful, efficient and supportive. I wholeheartedly recommend them.
Suzanne and Charlotte were amazing and made the process of buying our first home completely stress-free for us. They were both on hand if we ever had any problems/questions and always responded with knowledgeable and completely honest answers. I would highly recommend.
If I could rate this company more than 5 stars I would. I cannot fault the service and support my partner and I have received whilst getting our first mortgage together. Ian and Megan have been amazing, making the process completely stress free. They were both on hand if we ever had any questions. I would highly recommend. Thank you!
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance arena to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.