What Are Joint Applicant, Sole Proprietor Home 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.

About your mortgage

Error: Yearly income income must be between £1 and £10,000,000.

Error: Regular bonus must be between £1 and £10,000,000.

Based on your yearly income, you may be able to borrow:


Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.


Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.


Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

What Are Joint Applicant, Sole Proprietor Home 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 info@revolutionbrokers.co.uk.

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.

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 info@revolutionbrokers.co.uk for independent advice about the best joint applicant mortgages and which product we think is most suited to your circumstances.

Why Revolution Brokers?
  • Whole of market brokers

  • Mortgage that suits you

  • On time customer support

Latest Blogs

10 Feb 2022
Do I Qualify for First-Time Buyer Status?

Do I Qualify for First-Time Buyer Status? Working out whether or not you are a first time buyer may seem obvious - but there are plenty of scenarios where your position isn't clear! Examples might include: New buyers who have inherited a property they rent out. Buy-to-let investors that have never purchased a residential hom..

26 Jan 2022
How Does a Remortgage Application Work?

Most homeowners know that remortgaging means switching a mortgage from an existing lender over to a new deal. However, the process isn't always obvious. If you're on a fixed-rate deal, you'll want to get ahead of the end of the term to avoid being shuffled onto a higher standard variable rate where your interest costs will undoubtedly ..

17 Dec 2021
Understanding Lender Risk on First-Time Buyer Mortgages

Finding a great mortgage as a first time buyer can feel like an uphill struggle, with a larger proportion of applicants being turned down than a year ago. Around 20% of first-time mortgage applicants are rejected, usually because of the lender risk associated with their loan. Today, Revolution Brokers explains the highest risk facto..

28 Oct 2021
Pros and Cons of First Time Buyer Buy to Let Mortgages

Investing in a rental property can be an excellent way to get onto the property ladder and earn an income. However, if you haven't owned a residence before, you might find that a mainstream bank will automatically turn you down for a buy to let mortgage. In today's guide, the Revolution Brokers team explains how you can become a ren..

12 Oct 2021
Mortgage Deposit Requirements for First-Time Buyers

Buying a home for the first time is a massive step - but the deposit is often a stumbling block for first-time buyers. It can take years to save a sufficient amount or be impossible, so there are several ways to approach the problem and get your foot onto the property ladder. From April 2021, the UK government launched the new mortg..

24 Jun 2021
Why Property Auction Finance is Booming!

There is little doubt that UK buyer confidence is at an all-time high. We've recapped previously in our blogs how property market growth and prices have soared over the last few months! As we head into summer, one key area of mortgage finance seems to be expanding rapidly: property auction finance. In this article, the Revolution..


Refer, Relax and get £50

If you refer a friend for a mortgage or any
type of finance you’ll both receive £25
each when their new application
successfully completes.

Know More!

We are proud
members of the:

FCA disclaimer

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. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

Ask the Mortgage Experts

Revolution Brokers understands that mortgages can be complex and confusing!

Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.