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.