Joint Borrower Sole Proprietor JBSP Mortgage
We provide specialist mortgage advice covering joint borrower sole proprietor, guarantor, and springboard styled mortgage arrangements.
What Is A Joint Borrower Sole Proprietor Mortgage?
In essence, this is a mortgage arrangement that is in joint names, typically with an immediate family member, and allows for income to be used across all parties named on the mortgage. At the same time, the ownership will be in the sole proprietor’s name only, meaning any joint borrower will not be named on the title deeds.
Understanding the nicheness of this type of mortgage setup is key, and here at Pinnacle we offer professional advice that is suitably tailored to individual circumstance.
Only a small number of lenders operate in this domain, but that does include a number of high street lenders, as well as some building societies.
The Pros & Cons Of Joint Borrower Sole Proprietor
It goes without saying, that the benefits will be relevant to an individual situation, but generally speaking one of the main benefits is to unlock borrowing potential by having affordability assessed using multiple incomes. Similarly, the joint party won’t be liable for stamp duty land tax on the property in question.
Depending on the lender, the length of the mortgage term could be shorter than preferred, thus creating a higher monthly payment due to a shortened amount of years, in comparison to what might otherwise have been preferred. Another point to consider, is the joint partner will be liable for the mortgage even though they are not officially named as an owner.
To find out more details, get in touch with us to speak with a mortgage expert.
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Still Have Questions?
If you cannot find an answer you are seeking, then simply click the button below, or call us at 0208 125 3100, to get in touch with one of our mortgage brokers.
Depending on your circumstances you may have a wide selection of mortgage companies willing to offer you the mortgage you desire. With access to thousands of mortgage deals, our experts will find you the most suitable deal.
Yes, we have whole of market access. As we are an independent brokerage, and not tied directly to a group of lenders, we can access the full mortgage market. This exposure allows us to scour the market for the best lending arrangements for our clients.
Lenders can vary significantly in what they are willing to offer when assessing affordability. However, our team of expert advisors will thoroughly assess the market to ascertain your maximum borrowing potential, and will fully guide you along the way.
Our specialist lending proposition encompasses all aspects of mortgage broking. Our team of experts are true professionals in areas such as expatriates, foreign currency, high net worth individuals, large loans, and complex buy to let, just to name a few. This spectrum of expertise is what sets us apart.
Is It Possible To Obtain A Sole Named Mortgage?
As part of our advice process, we would explore all potential lending options. So before recommending any guarantor styled mortgage, we would consider the prospects of taking the mortgage in the individuals name only, on a conventional basis.
Whilst joint borrower sole proprietor is more technical, the principles of a standard mortgage still apply. We would guide and educate on the options available, and present detailed findings to form our recommendations, of which will be most suitable for you.
Get in touch
We understand that every circumstance is different, and having a bespoke touch is essential in understanding a case. This openminded approach is what creates a professional standard that we always uphold.
Our team of bridging loan specialists are available to discuss your individual requirements, so simply complete the contact form and we’ll be in touch shortly.
