Flexible Joint Borrower, Sole Proprietor solutions
Great news! We’ve enhanced our JBSP criteria to allow spouses and non-related applicants to support the mortgage application and reside in the property without being party to the deeds. JBSP continues to be a popular solution for parents helping their children onto the property ladder, or for couples going through a separation. Our most recent enhancements could help you assist more of your customers in today’s challenging market.
Meet James
James, currently renting a flat with his friend Ross, is eager to transition to homeownership. He recently established his own business which means at this stage, has no accounts or means to prove his income. Ross has a full-time job and accumulated savings and is keen to continue living with James and support him get on the property ladder.
And how we can help…
Following our recent enhancements, the Joint Borrower, Sole Proprietor mortgage would allow James and Ross to be listed on the mortgage, with only James’ name appearing on the property deeds. We would accept deposits from both parties and allow them to reside in the property.
Residential Core Range JBSP highlights
NEW – Spouses and non-relatives are accepted as joint borrowers
- NEW – Joint borrowers now permitted to reside in the subject property
- NEW – Joint borrower can now gift a deposit and reside in the subject property – updated Gifted Deposit Form to be used.
- Up to 95% LTV on houses and flats, purchase only (90% LTV for new build)
- Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds
- Income can be accepted from up to 4 applicants, at full income multiples, subject to affordability
- Maximum age 80 considered (mortgage term based on the oldest applicant at the end of the term)
- Repayment, interest only and part and part options available (maximum LTVs apply)
For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.
Contact us
If you have any questions or need support, please get in touch with your BDM or call our Broker helpdesk on 0203 427 1019. To find your nearest BDM, please click here.