Do you have a family member you want to help achieve their dream home? Or do you have a family member that could help you purchase your forever home? Falling a little short on affordability?

There is a great option available to help with just that. Joint Borrower Sole Proprietor (JBSP) mortgages was recently introduced into the market, replacing Guarantor Mortgages, which was previously a popular option.

JBSP mortgages uses the income of all applicants (maximum of 4 people) towards the affordability calculations when applying for a mortgage, helping you potentially borrow more than what you could without the support of your family’sincome.

If you are looking to support a family member as a joint borrower, they will be the sole owner of the property, whilst you join them on the mortgage.

If you are looking for support from family members in assisting you with mortgage affordability, they would join you on the mortgage, but you would be the sole owner of the property.

It is important to understand that even though your family will not have ownership of the property, they will still be liable towards the mortgage should you miss any repayments. Your home may be repossessed if you do not keep up repayments on your mortgage.

Most lenders allow immediate family (parents, grandparents,siblings, children, etc) to help you when applying for a JBSP mortgage, however there are a small number of lenders that may allow non-immediate family, such as friends, to help you.

If you are a First Time Buyer (FTB) then you can still benefit from the FTB stamp duty allowance even if the family members supporting you with affordability already own a property.

This scheme allows the purchase of a residential home and not for Buy to Let (BTL) properties.

Your home may be repossessed if you do not keep up repayments on your mortgage.