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 you 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. However, this is also available to non first time buyers.
For further information on Joint Borrower,Sole Proprietor mortgages please call one of our advisers today who will be happy to explain how this could assist you in buying your new home.
Your home may be repossessed if you do not keep up repayments on your mortgage.