What is Joint Borrower Sole Proprietor/ an Income Booster mortgage?
Joint Borrower Sole Proprietor (JBSP) mortgage, also known as Income Booster, allows you to add up to three extra people onto a mortgage, without making them a legal owner of the property. All borrowers’ incomes included in the application, meaning you could borrow more than if you were taking out a mortgage on your own.
A Joint Borrower Sole Proprietor mortgage differs from a simple joint mortgage as the additional borrowers are not owners of the property, this means that they do not have the complications of owning two properties if they want to move home themselves.
A Joint Borrower Sole Proprietor mortgage is a joint mortgage, so all borrowers will share the legal responsibility for paying the mortgage.
By including more people on your mortgage, you could borrow a higher amount. This is because all the borrowers’ incomes can contribute towards the mortgage.
It could be the extra boost you need to get onto, or move up, the property ladder.
Joint Borrower Sole Proprietor mortgages are not just for first-time buyers, they are also available for re-mortgages and new purchases.
There are no restrictions around the relationship between you and your supporting borrowers. This means we accept friends as well as family.
Up to four applicants and up to all four incomes could used for mortgage purposes.
The main borrower(s) must live in the property.
All supporting borrowers must get independent legal advice before applying.
You can agree with your additional borrowers whether they need to contribute to regular repayments. However, all parties need to be aware that they will be liable to make any repayments if you are unable to.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME.
