Joint Borrower, Sole Proprietor is a type of mortgage where not all parties to the mortgage are legal owners of the property. For example, if there are two borrowers in the scenario both will be mortgage borrowers, but only one will be named on the title of the property.

Joint Borrower, Sole Proprietor provides an option which may be more affordable for your clients to get onto the property ladder, by allowing another party to join the mortgage so that their income can be used when assessing the case.

A fantastic way... to support would-be first time buyers

"Joint Borrower, Sole Proprietor (JBSP) not the catchiest of titles, but nonetheless, a fantastic way for another party such as parents, guardians, friends or family to support would-be first time buyers with the affordability challenges faced when getting on the property ladder. Our launch into the market in 2019 helped raise awareness of this growing scheme, not only for first time buyers, but equally for those second, third or even “last time” movers, and demonstrates our continued commitment to finding real life lending solutions for brokers and their clients."

Jennifer Lloyd
Head of Mortgage Products and Proposition

Our guide

Our key policy

Our Joint Borrower, Sole Proprietor scheme is available for new purchases, customers changing from a standard mortgage to a Joint Borrower, Sole Proprietor or for the remortgage of an existing Joint Borrower, Sole Proprietor mortgage. Our key policy includes:

  • We will accept up to four applicants and up to all four incomes.
  • There are no restrictions around the relationship between the main borrower and the supporting borrower (known as the non-proprietor).
  • The main borrower(s) (proprietor) must reside in the property.
  • We will accept 100% of maintenance received and child tax credits as income.
  • The maximum LTV is 95% (subject to usual criteria).
  • Available on any repayment method (subject to lending criteria). Please note: If on interest only the non-proprietor's residence cannot be the repayment vehicle.
  • The maximum term will be based on the oldest income-providing applicant.
  • We will accept up to 20% site exposure in any development.
  • We won't charge for valuing the property for mortgage purposes where the property is valued at less than £1.5 million.
  • 9+3 month offer validity period for New Build properties (6 months otherwise).
  • We offer priority underwriting for New Build purchases, with a 48 hour turnaround time for initial underwrite and products offering our Remortgage Conveyancing Service.
  • Available across the whole of England, Wales and Scotland.
  • Any product can be selected from our core residential range, including products with cashback and products with free standard legal fees for remortgages.
  • Independent legal advice is required for all non-proprietors.
  • Not available for Second Home purchase, Discounted or Family Purchases or Buy To Let and not acceptable in conjunction with any other lending schemes e.g. Shared Ownership.
  • Remortgage capital raising is acceptable, subject to standard lending policy - additional monies must be for the proprietor's sole and full benefit. The exception to this is where the monies are being used to buy out the non-proprietor's share if currently on the title.
  • Normal age and lending into retirement rules apply. We may allow the supporting borrower to go to age 80 if the occupying borrower covers 70% of the total loan request.

Please note: The non-proprietor will be required to obtain independent legal advice, which incurs a cost and isn't included within the free standard legal fees for remortgages. In some circumstances, our conveyancer may need to carry out work to make sure our interests are protected, for example, a deed of postponement, for which the fees are not covered by the standard remortgage fees we have agreed with them. These costs will not be included in what we pay for and our conveyancer will ask your client for these fees prior to completion of the remortgage.

Podcast: Joint Borrower, Sole Proprietor

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