Joint Borrower Sole Proprietor - Guarantor Mortgages

ARE YOU STRUGGLING TO GET A MORTGAGE ON YOUR OWN DUE TO INSUFFICIENT INCOME?

Buying with someone else is an option to consider. Joint borrower sole proprietor (JBSP) also known as a guarantor mortgages can help you get on the property ladder, without jointly owning the property with someone else.

At THE MORTGAGE CHOICE we have access to a wide range of JBSP mortgage lenders, ensuring we find the perfect fit for your unique situation.

WHAT IS A JOINT BORROWER SOLE PROPRIETOR MORTGAGE?

A joint borrower sole proprietor mortgage (JBSP) allows multiple individuals to apply for a mortgage together, with only one or two of them listed as legal owners of the property. This product is beneficial for individuals who might not meet income or credit requirements on their own but can obtain financing with additional borrowers’ support.

HOW DO JOINT BORROWER SOLE PROPRIETOR MORTGAGES WORK?

The sole proprietor, listed on the deeds, is the legal owner and assumes responsibility for maintenance. Joint borrowers assist in the application by committing to mortgage payments, bringing their assets and income to support the sole proprietor.

However, joint borrowers (guarantors) are not legal owners and have no claim to the property, nor are their names on the deeds.

Typically, a joint applicant, often a family member (parents, siblings, grandparents or even close family members), contributes to mortgage payments using combined income with the sole proprietor. Both share responsibility for the mortgage repayments, but only the sole proprietor can make property decisions, such as selling the property. 

WHAT IS THE MORTGAGE APPLICATION PROCESS FOR A JOINT BUYER SOLE PROPRIETOR MORTGAGE?

The JBSP mortgage application process resembles that of a traditional mortgage. The primary applicant and joint borrowers (guarantors) gather required documentation, complete the application and submit it to the lender.

During review, the lender assesses all applicants combined financial profiles against lending criteria. If approved, the sole proprietor assumes legal responsibility, while all applicants share mortgage repayment responsibility.

Some lenders will approve up to four applicants on one mortgage application.

WHAT IS THE ELIGIBILITY OF A JOINT BORROWER SOLE PROPRIETOR MORTGAGE?

Proof of income, bank statements, identification and credit history of all applicants are needed for a JBSP mortgage application.

All applicants must meet the lender’s criteria and meeting these criteria with multiple applicants can be more challenging.

THE MORTGAGE CHOICE CAN HELP YOU FIND THE RIGHT JOINT BORROWER SOLE PROPRIETOR MORTGAGE

Requirements for JBSP or Guarantor mortgages vary by lender, but don’t worry – we can advise you on the products available to meet your individual circumstances and help you navigate the process with ease.

With our expertise and extensive lender network, we’ll find the best JBSP mortgage tailored to your needs while making the process smoother and less daunting.

THE MORTGAGE CHOICE CAN HELP YOU FIND THE RIGHT JOINT BORROWER SOLE PROPRIETOR MORTGAGE

Requirements for JBSP or Guarantor mortgages vary by lender, but don’t worry – we can advise you on the products available to meet your individual circumstances and help you navigate the process with ease.

With our expertise and extensive lender network, we’ll find the best JBSP mortgage tailored to your needs while making the process smoother and less daunting.

OUR PROMISE TO YOU

We will carefully assess your personal circumstances, your mortgage requirements and based on this we will make a recommendation giving you the most suitable mortgage advice.

themortgagechoice is located in Byfleet, Surrey. We have clients in Guildford, Woking, Weybridge, Chertsey, Leatherhead, Cobham and across the UK.

Your home may be repossessed if you do not keep up repayments on your mortgage.