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Joint Applicant, Sole Proprietor Mortgages

Discover how a joint applicant, sole proprietor mortgage works - and why it might be the perfect solution if you're struggling to meet minimum deposit or affordability requirements.

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Have to Say!

Almas Uddin

Founder and Mortgage Advisor

2023-05-09

Joint Applicant, Sole Proprietor Mortgages

First-time buyers can find the property market a complicated place, with the challenge of trying to get a foot on the property ladder amid rapidly rising house prices. Joint borrower, sole proprietor mortgages are one of the options to make this more accessible.

In short, a joint borrower, sole proprietor mortgage means that a parent can act as a party to the mortgage and improve the chances of approval. They aren't named on the deeds and don't live in the property.

If you'd like to learn more about a joint borrower, sole proprietor mortgage, or are interested in other first-time buyer loans, give the mortgage advisors team a call on 0330 304 3040, or drop us an email at [email protected].

How Do Joint Borrower, Sole Proprietor Mortgages Work?

In essence, more than one person applies for the mortgage and is responsible for the debt, but just one person owns the home. This type of mortgage is ideal for first-time buyers who can't afford a mortgage alone.

Some of the common reasons for choosing a joint borrower, sole proprietor mortgage include:

Having a low income and so not passing an affordability assessment as a single applicant. Up to four people and two annual revenues are usually considered, with some lenders including up to four salaries.
Newly self-employed people are often unable to find a mortgage, as they can't demonstrate a high enough income to cover the repayments.
People with no credit history, usually because they haven't registered to vote or haven't ever had any previous credit borrowing.

Another benefit is that many first-time buyers struggle to save a large enough deposit. The increased security available means that they are more likely to be approved and usually secure more competitive interest rates.

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The following

topics are

covered below

Is a Joint Borrower Mortgage Suitable for Low-Income Applicants?

Are Joint Borrower, Sole Proprietor Mortgages Only Available for First-Time Buyers?

What are the Tax Benefits of a Joint Borrower, Sole Proprietor Mortgage?

What Mortgage Rates are Available on Joint Borrower, Sole Proprietor Mortgages?

What are the Considerations Before Applying for a JBSP Mortgage?

What are the Terms Available on Joint Applicant Mortgages?

Expert Advice with Joint Borrower, Sole Proprietor Mortgages

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Is a Joint Borrower Mortgage Suitable for Low-Income Applicants?

It is indeed. Buyers on a lower income can consider other options such as a guarantor mortgage or buy a property with a parent or close family member to help them purchase their first home.

The increased income from two or more applicants means that you qualify for a larger mortgage.

For example:

As a single applicant, if you earn £40,000 a year and have a £30,000 deposit, you would need a 90% mortgage against a property costing £300,000. Most lenders will offer up to 4.5 times your annual income, which would be £180,000 and not close to the £270,000 required.
If you have another applicant on the mortgage that earns £30,000 a year, your combined annual income increases to £70,000. On that basis, you could borrow a mortgage of up to £315,000 and easily cover the required value.

Are Joint Borrower, Sole Proprietor Mortgages Only Available for First-Time Buyers?

They're not, no. There is no reason anybody can't apply for this type of mortgage, whether a first-time buyer or not.

Applicants can opt for a joint borrower mortgage for many reasons, including protecting assets and tax benefits.

For example, if you buy a property as a second home or a buy to let rental investment, you will be liable for a 3% Stamp Duty surcharge. Having a family member or spouse as the named owner on the deeds can provide a substantial tax saving.

First-time buyers purchasing a property up to £300,000 are exempt from Stamp Duty, and so buying a home in this way could save up to £5,000.

If the person helping on the mortgage application already owns a home, they still won't be named on the property deeds. Therefore, you will not incur the second home surcharge.

What are the Tax Benefits of a Joint Borrower, Sole Proprietor Mortgage?

In some cases, partners might purchase a buy to let investment in the name of one person who earns the lowest income and therefore is in a lower tax bracket.

However, you will usually need a minimum annual income to qualify for a buy to let mortgage.

Both applicants can contribute to the mortgage repayment costs even if only one is named the owner on the deeds.

Another common reason to opt for a JBSP mortgage is to protect your home from being used as security or being repossessed if a business fails. Buyers can put their property in a partner or family member's name and keep the asset separate from their other affairs.

What Mortgage Rates are Available on Joint Borrower, Sole Proprietor Mortgages?

The mortgage rates are comparable to any other standard mortgage product. Still, the best rates are found by consulting an independent broker who can negotiate rates with your lender.

What are the Considerations Before Applying for a JBSP Mortgage?

It's wise to think carefully about the potential for future conflicts when purchasing a property with a joint applicant on the mortgage.

Factors include:

What happens if the relationship breaks down between the person owning the property and the joint party on the mortgage? It can be difficult and expensive to have your name removed from a mortgage, and in most cases, the single proprietor cannot afford to maintain the mortgage payments alone.
Are your financial circumstances likely to change? That could include anything from interest rate rises, marriages, loss of employment, or wanting to take out separate financing such as a remortgage on an existing property - which could be impacted by already being a named mortgage holder on a home you don't live in.
Do you have an exit plan? It's essential to know the end game - whether the sole proprietor will eventually want to remortgage and cover the financial responsibility on their own.
Could you afford the repayments without financial support? As the property owner, if you are reliant on the joint mortgage applicant to help with the costs, you need to assess whether you might stand to lose your property if they decide not to offer this support in the future.

What are the Terms Available on Joint Applicant Mortgages?

Like most residential mortgages, most lenders will accept applicants on the mortgage paperwork up to around age 80 - although some lenders have no age cap.

It is vital to consult an independent broker before applying for a JBSP mortgage; since your joint applicant's age may influence which lenders you should apply to. For example, if a parent is nearing retirement, you might find that a lender will only offer a mortgage with a short term, which ends before they reach a specific age.

You can also apply for a joint borrower mortgage for a buy to let investment property.

Expert Advice with Joint Borrower, Sole Proprietor Mortgages

This type of mortgage can be a lifeline for first-time buyers who are struggling to qualify for a mortgage alone or for people wishing to purchase a second property who are looking for tax-efficient options.

Give the Revolution Finance Brokers team a call on 0330 304 3040, or email us at [email protected] for independent advice about the best joint applicant mortgages and which product we think is most suited to your circumstances.

Almas Uddin

Founder and Mortgage Advisor

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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

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Joint Applicant, Sole Proprietor Mortgages

Discover What Our Customers

Joint Applicant, Sole Proprietor Mortgages

How Do Joint Borrower, Sole Proprietor Mortgages Work?

Whole of market brokers

Mortgage that suits you

On time customer support

Is a Joint Borrower Mortgage Suitable for Low-Income Applicants?

Are Joint Borrower, Sole Proprietor Mortgages Only Available for First-Time Buyers?

What are the Tax Benefits of a Joint Borrower, Sole Proprietor Mortgage?

What Mortgage Rates are Available on Joint Borrower, Sole Proprietor Mortgages?

What are the Considerations Before Applying for a JBSP Mortgage?

What are the Terms Available on Joint Applicant Mortgages?

Expert Advice with Joint Borrower, Sole Proprietor Mortgages

Further Reading

Friends or Family Members

Are Online Mortgage Quotes Worth Relying On?

Can I Apply for a Mortgage in Northern Ireland?

Can I Apply for a Mortgage in Only My Name if I am Married?

VISA Mortgages

Can I Get a Mortgage if I Have a Criminal Record?

Foreign National Mortgage

How Can I Apply for a Mortgage Alongside Existing Debt?

How Do Mortgage Applications Work in Scotland?

How Quickly Can I Get a Mortgage Application Approved?

Mortgage Agreement in Principle

Mortgages for Individuals

Mortgage Options for Homeowners on Furlough from Work

Multiple Applicant Mortgages

Single Parent Mortgage

Mortgage Application Process

Understanding Retention Clauses on a Mortgage Offer

Joint Applicant, Sole Proprietor Mortgages

What are LIFT Mortgages in Scotland?

What Happens If I'm Made Redundant While Applying for a Mortgage?

What History of Bank Statements Do I Need for a Mortgage Application?

Which Government Mortgage Schemes Can I Apply For?

How Can I Improve My Chance of Mortgage Approval?

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