[et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.22.1″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]
A joint borrower sole proprietor mortgage (JBSP mortgage) is a type of mortgage that allows two people to borrow money together, but only one of them is named on the title deed. This can be a beneficial option for people who want to buy a property but don’t have enough money for a deposit or who have bad credit and need someone with good credit to co-sign the loan.
How does a JBSP mortgage work?
In a JBSP mortgage, the person who is named on the title deed is the sole proprietor of the property. They are responsible for all of the mortgage payments and any other costs associated with owning the property. The other person on the mortgage is the joint borrower. They are not named on the title deed, but they are legally responsible for repaying the mortgage if the sole proprietor defaults.
Who is a JBSP mortgage for?
JBSP mortgages can be a good option for a variety of people, including:
- First-time homebuyers: JBSP mortgages can help first-time homebuyers get onto the property ladder by allowing them to borrow more money than they would be able to on their own.
- People with bad credit: JBSP mortgages can be a good option for people with bad credit who need help getting a mortgage. The joint borrower can help to improve the overall credit score of the application, making it more likely that the mortgage will be approved.
- People who want to help family members buy a home: JBSP mortgages can be a way for parents or other family members to help their loved ones buy a home without having to co-own the property.
What are the pros and cons of a JBSP mortgage?
Pros:
- JBSP mortgages can help you borrow more money than you would be able to on your own.
- They can be a good option for people with bad credit.
- They can allow you to help family members buy a home without having to co-own the property.
Cons:
- The joint borrower is legally responsible for repaying the mortgage if you default.
- You may have to pay a higher interest rate on a JBSP mortgage than you would on a traditional mortgage.
- There may be restrictions on how much you can borrow.
How to get a JBSP mortgage
To get a JBSP mortgage, you will need to meet the lender’s eligibility criteria. This may include having a good credit score, a steady income, and a down payment. You will also need to provide the lender with documentation of your income, assets, and debts.
If you are considering a JBSP mortgage, it is important to weigh the pros and cons carefully. This type of mortgage can be a great way to buy a home, but it is important to understand the risks involved.
Your next steps
If you are considering taking out a Joint Borrower Sole Proprietor Mortgage, it is important to weigh the pros and cons carefully before making a decision. This type of mortgage can be a great way to buy a home, but you need to know the risks involved. To discuss your requirements, contact Yes Mortgage Services Limited – telephone 0800 6125596 – email andrew@yes-ms.co.uk remember we are a whole of market broker, who does not charge a broker fee and so our advice and support is completely free to use.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
At Yes Mortgage Services, we offer a comprehensive range of products from across the market.
Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.
Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.
We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.