A JBSP mortgage is designed to help people on ‘lower’ incomes to get support from someone (usually a family member) who will add their name to the mortgage in order for their income to be used in the mortgage assessment. The aim is to essentially use more income to increase the maximum loan available, hopefully providing the extra help to get you on the property ladder or buy a more expensive property than you could afford by yourself.
Some options allow for up to 4 incomes to be used and go up to age 80 at the end of the term so this can provide further flexibility in terms of the people who are helping
As the person assisting in only on the mortgage and not on the deeds, they do not pay the 3% stamp duty surcharge for second properties and have no rights over any equity in the property at any time, you also still qualify for any first time buyer incentives.
Many lenders offering joint borrower sole proprietor mortgages also allow the deposit to be gifted from a family member
We are here to help, just some reasons why you might want to use our expert team
- Parents or Grandparents will to use their earning to help you get on the property ladder.
- No lump sum required from your relatives, they are simply assisting you to get more funds, they are on the mortgage but deeds.
- You still get first time buyer incentives, stamp duty free upto £300k
- No stamp duty surcharge payable by parents
- Up to 4 incomes to be used
- Up to age 80 at the end of the term
- Mortgage can be spread over an affordable term
- Some lenders allow other family members to be named on the mortgage
- Can be used for Residential or BTL
- Many lenders allow the deposit to be gifted from a family member