If you’re tired of paying high rent or still living with family, but your income isn’t quite enough to secure a mortgage on your own — a Joint Borrower Sole Proprietor (JBSP) mortgage might be exactly what you need.
It’s a popular solution for first-time buyers, especially those with lower income, who want to buy a home in the UK — with a little help from someone close.
Let’s break it down:
What is a JBSP mortgage, how does it differ from joint or guarantor mortgages, which banks offer it, what are the pros and cons, and what age restrictions apply?
What Is a Joint Borrower Sole Proprietor (JBSP) Mortgage?
A JBSP mortgage lets you apply for a mortgage using someone else’s income to boost your borrowing power — typically a parent or close relative, though it could also be a friend or colleague (depending on the lender).
Here’s the key difference:
You are the sole legal owner of the property, while the second person is just a joint borrower — they help with affordability checks but do not appear on the property title.
This setup means:
- You get the keys.
- They help you get the loan.
- They don’t own the property.
However, both parties are equally responsible for making the mortgage payments.
How Is It Different from Other Mortgages?
JBSP vs. Joint Mortgage
In a traditional joint mortgage, both borrowers are also co-owners. But in a JBSP, only you own the home. That’s especially helpful if your helper wants to retain their First-Time Buyer status (e.g., to avoid Stamp Duty on their own future purchase).
JBSP vs. Guarantor Mortgage
Unlike a guarantor mortgage, where the guarantor is a backup in case you default, a joint borrower on a JBSP is actively on the mortgage — meaning the loan appears on their credit file and may affect their ability to borrow in the future.
Which UK Banks Offer JBSP Mortgages?
Not all lenders in the UK offer JBSP mortgages, but the list is growing. As of now, the following lenders provide JBSP or similar schemes:
- Barclays – under the “Family Springboard” scheme
- Metro Bank
- NatWest
- Skipton Building Society
- Accord Mortgages
Sometimes these products go under different names like: Family Boost, Lend a Hand, Income Booster, or Family Deposit Mortgage.
! Each lender has its own criteria, and conditions can vary greatly. A professional mortgage broker can help you find the most suitable deal.
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Key Benefits of a JBSP Mortgage
- Boosts your borrowing potential with a loved one’s income
- Maintains your full property ownership
- Joint borrower keeps their First-Time Buyer benefits
- Avoids additional Stamp Duty for the helper
- Option to remove the joint borrower later on
- Can help you buy sooner — no need to wait for a pay rise!
What to Consider: Disadvantages of JBSP Mortgages
- All borrowers are legally responsible for the debt
- Not eligible with some government schemes (e.g., Help to Buy)
- The age of the oldest borrower can reduce mortgage term
- A missed payment affects everyone’s credit history
- All borrowers must submit documents and go through affordability checks
Age Limits for JBSP Mortgages
Each lender has their own age policy. Generally: minimum age: 18, maximum age: typically 70–75 at the end of the mortgage term.
For example, if your joint borrower is 60 and the lender caps the term at 75, you might only qualify for a 15-year mortgage — not the standard 25 or 30 years.
What Else Should You Know?
The main borrower must live in the property. The joint borrower cannot live there.
A minimum 5% deposit is usually required, which can come from any party.
Once your income increases, you may be able to remortgage and remove the joint borrower.
Summary: Is a JBSP Mortgage Right for You?
A JBSP mortgage might be the stepping stone you need to finally get your foot on the property ladder. You get support from someone close and remain the sole homeowner. It’s especially helpful for first-time buyers with low income, freelancers, or those early in their careers.
FAQs
Can my parents help me get a mortgage without owning the property?
Yes — that’s exactly what a JBSP mortgage is designed for. They can support your application using their income without being on the deeds.
Will the JBSP mortgage appear on my helper’s credit file?
Yes, as a joint borrower, it will be listed on their credit report and may affect their own future borrowing.
Can I remove the joint borrower later on?
Usually yes, after a fixed period — typically when you remortgage — as long as you can prove you can afford the mortgage on your own.
Book a Free Mortgage Consultation
Want to check your eligibility or explore the best JBSP mortgage offers? Book a free consultation with one of our experienced mortgage advisors.
We’ll help you assess your options, prepare your documents, and get your mortgage journey started with confidence.
