A Joint Borrower Sole Proprietor product can help to get your client on the property ladder by allowing a family member assist with affordability.
We have a JBSP Affordability Calculator to help you establish how much the occupier and supporter can borrow.
Joint Borrower Sole Proprietor Product Criteria
- Free valuation fees
- Minimum age 21
- Repayment only
- Max LTV 95% inclusive of fees
- Minimum loan size: £100,000
- Maximum loan size: £500,000
- Maximum of 2 owner borrowers
- Maximum of 1 supporting borrower
- The maximum age of the Supporter at application is 70 years
- The supporting borrower must be a close family member*
- The supporting borrower must be the last-named applicant
- The owner borrower(s) must meet affordability to cover a minimum of 70% of the total loan borrowed
- The supporting borrower must meet affordability on the shortfall, up to a maximum 30% of the total loan borrowed
- All borrowers will be jointly and severely liable for the monthly mortgage payments and the total amount borrowed
- All borrowers must declare their current financial commitments
- All borrowers must include their own personal and household expenditure
- The supporting borrower must be residing in the UK
- Supporting borrower to receive independent legal advice
- The supporting borrower cannot live in the property
- The supporting borrower will not be named on the title deeds
- Applicants cannot own any other property at the time of completion (this does not apply to the supporting borrower)
- For joint applications, one applicant must be a First Time Buyer. If the second applicant is not a First Time Buyer, they must not have another mortgage outstanding at the time of the application
*Close family member defined as one of:
- Parents, step parents and adoptive parents;
- Brothers and sisters, half brothers and sisters, and step brothers and sisters.
- Children, step children and adopted children
- Grandparents and step grandparents
- Grandchild and step grandchild; and
- Aunt and Uncle