Joint Borrower / Sole Proprietor

Joint Borrower Sole Proprietor (JBSP) mortgages are a type of  loan that can enable two or more individuals to borrow together. They can include, for example, family members, friends, or business partners. 

It should be noted that all borrowers are responsible for repaying the loan in full, but only one is named owner. Such mortgages are a great alternative for potential first-time buyers who are unable to qualify for a loan on their own – for instance, due to lack of income – and require some help from friends or family.

There are many benefits to getting a Joint Borrowers Sole Proprietor mortgage. For example, joint borrowers can access better interest rates and more flexible repayment terms than they would be able to get on their own. In addition, they have the added assurance that if one of them were to default on the loan, the other would be in charge of making up the difference. Finally, compared with traditional mortgages, JBSPs tend to come with lower costs upfront and need less paperwork.

What you Need to Consider Before Applying for Joint Borrower Sole Proprietor Mortgages

A few things to consider before you apply. First, joint borrowers should make sure that they are financially compatible and know the risks. It’s also useful to get professional advice from a qualified mortgage specialist or financial advisor before making the decision. Finally, joint borrowers should also bear in mind that they will both be responsible for repaying the loan in full, regardless of who is first to default.

Commonly asked questions about JBSP Mortgages

Eligibility for Joint Borrower Sole Proprietor Mortgages?

Joint Borrower Sole Proprietor (JBSP) mortgages can be a great alternative for those looking to buy their first home, but with not enough income or assets to qualify for a loan on their own. Joint borrowers can be spouses, siblings, parents and children, or business partners. Both parties must be over 18 years old and have a good credit history to qualify.

For parents, lenders are more likely to approve an application if your offspring can demonstrate that their income is likely to rise in the future. Lenders also take into account the age of the parent, especially if it’s a long-term mortgage.

What is the difference between a joint mortgage and a JBSP Mortgage?

In short, with joint mortgages two or more people can borrow together and all are named owners. When it comes to Joint Borrower Sole Proprietor (JBSP) mortgages, on the other hand, not all people listed on the mortgage are property owners (usually just one), but you will all have the responsibility to repay the loan.

What is the maximum age limit of JBSP Mortgage?

Age limits can vary depending on the lender. For example, some lenders may only accept applicants up to 70 years old, while others may allow ages up to 80. Our mortgage advisors can go through all available lenders, considering the potential options, terms and conditions – all to assist you in making an informed decision.

Other options available for JBSP mortgages

Guarantor mortgages

A guarantor mortgage is a type of loan that is designed for people who are unable to get their own mortgage. To be eligible for a guarantor mortgage, you must have a guarantor – usually a family member – who is willing to agree to pay the mortgage if you can’t.

Joint mortgages

A joint mortgage is a type of loan that is designed for two or more people who want to buy a property together. This type of mortgage can be helpful for couples who are buying their first home, or for friends or family members.

You’ll both/all be named on the mortgage document and on the deeds, which gives you some control over future deals. However, if you already own a home, you’ll almost certainly have to pay the second property stamp duty surcharge.


You may make money by remortgaging if you have a mortgage on your house. This would entail renegotiating or switching to another lender for your existing mortgage.

Another form of loan you might receive that is secured on your home is a second mortgage from your existing lender.

Shared ownership mortgages

Shared ownership mortgages are simply two or more people splitting the cost of property between them. This type of mortgage makes it possible for people to buy a property that would normally be out of their price range.

Buy-to-Let mortgages

A buy-to-let mortgage is designed for borrowers who want to purchase a property to rent out to tenants as an investment.
It’s critical to think about the impact higher borrowing would have on your standard of living and retirement plans while remortgaging.

Questions? Contact a member of our mortgage team to learn more about Joint Borrower Sole Proprietor mortgages.

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