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Teachers JBSP mortgages

JOINT BORROWER SOLE PROPRIETOR (JBSP) Mortgages

JBSP mortgage: product highlights:

  • Standard JBSP mortgage maximum 80% LTV, loan size £20k to £1.5 million, residential property purchase only;
  • Complex JBSP mortgage (for those whose income sources or regularity varies) maximum 80% LTV, loan size £100k to £1.5 million, residential property purchase only;
  • Maximum 4 total applicants, maximum 2 providing financial support
  • Maximum LTV 70% where the term exceeds age 70 for one of the borrowers.
  • Residential use only.
  • Maximum loan size of £1.5m.
  • Open to borrowers from all professions.

Contact the team for more information and to discuss a case.

What is a Joint Buyer Sole Proprietor Mortgage?

The JBSP mortgage allows parents and grandparents to join their child or grandchild on a mortgage by including their income in the affordability assessment, increasing the overall amount that can be borrowed. The older relatives then make regular monthly mortgage contributions alongside the younger relation but are not listed on the title deed as joint property owners, potentially avoiding the increased rates of Stamp Duty Land Tax applied to second homes.

Our JBSP mortgage is available to first time buyers from any profession including those with more complicated financial scenarios, particularly surrounding their income. For example the younger borrower may have an irregular or fluctuating salary as a result of their line of work. Applications from wealthy parents and grandparents who would like to provide financial support but whose own finances are complicated, with income based on a range of assets rather than ‘standard’ employment, are also welcomed.

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