Buying a home is a significant milestone for many individuals, but for some, it can be challenging to secure a mortgage on their own due to various reasons such as a lack of income or credit history. However, there is a solution that can help these individuals achieve their dream of homeownership – Joint Borrower Sole Proprietor mortgages.
Joint Borrower Sole Proprietor (JBSP) mortgages allow multiple individuals to apply for a mortgage together, where one borrower is responsible for making the mortgage payments and owning the property, while the other borrower provides additional income support. This can be particularly beneficial for those who may not have a steady income but have a family member or partner who is willing to support them financially.
Here’s an example of how JBSP mortgages have allowed someone studying at university to buy their first home:
Sarah is a university student who has always dreamt of owning her own home. However, due to her limited income from part-time work, she was finding it difficult to secure a mortgage on her own. Luckily, Sarah’s parents were willing to support her by becoming joint borrowers on the mortgage.
Sarah applied for a JBSP mortgage with her parents, where they provided additional income support to help her qualify for the mortgage. While Sarah is responsible for making the mortgage payments and owning the property, her parents’ income and credit history were taken into consideration during the application process, making it easier for Sarah to secure the mortgage.
Thanks to the JBSP mortgage, Sarah was able to buy her first home while still in university, and she now has a place to call her own. This is just one example of how JBSP mortgages can help individuals achieve homeownership even when faced with challenges such as limited income or credit history.
In conclusion, Joint Borrower Sole Proprietor mortgages offer a solution for individuals who may struggle to secure a mortgage on their own. By leveraging the income and credit history of a family member or partner, borrowers can increase their chances of qualifying for a mortgage and ultimately achieve their dream of owning a home. If you are in a similar situation as Sarah, consider exploring the option of a JBSP mortgage to help you on your journey to homeownership.
Ready to find out more? Visit our dedicated later life lending page to arrange your free 10 minute discovery call!
Mike Jones
Later Life Lending Specialist
Mike Jones is a later life lending specialist who is responsible for the “Mewstone Later Life Lending” service. Mike has years of experience in retail banking as well as extensive knowledge of the later life lending sector.
Choosing to release money from your home is a big decision and it’s important for you to understand all the options available to you. This means that he will always offer you unbiased advice. It doesn’t matter to us which solution or lender is recommend, as long as it is the right one for you.