A Joint Borrower Sole Proprietor (JBSP) mortgage allows more than one person to support a mortgage application, while only one individual becomes the legal owner of the property. This structure is designed for buyers whose income alone does not meet affordability requirements and who need support from family members or trusted individuals to increase their borrowing capacity.

In a JBSP arrangement, all borrowers named on the mortgage are legally responsible for the repayments, but only the main applicant appears on the property deeds. This enables families to assist a buyer without taking on ownership or triggering additional tax implications. However, supporting borrowers should be aware that their involvement may affect their own future borrowing ability, as the JBSP mortgage is counted in their financial commitments.

A JBSP mortgage can be helpful for first-time buyers or anyone who has the deposit needed but falls short of income criteria on their own. Before choosing this option, it’s important to review the responsibilities, long-term implications, and affordability for all parties involved. For more information, click here to read more about JBSP mortgages on our blog.