Buying a home today isn’t easy—especially for first-time buyers. Rising property prices and strict affordability checks can make it feel like homeownership is just out of reach.
That’s where a Joint Borrower Sole Proprietor (JBSP) mortgage could help.
Whether you're a parent looking to support your child onto the property ladder, or a young professional needing a boost in borrowing power, this guide explains everything you need to know about JBSP mortgages in 2024—how they work, who they’re for, and what to watch out for.
A JBSP mortgage allows multiple people to apply for a mortgage together—even if only one person will own the property.
That means:
This setup is ideal for situations where a buyer needs help passing affordability checks but doesn’t want to (or can’t) share ownership with the person helping them.
With a traditional joint mortgage:
With a JBSP mortgage:
This structure keeps ownership simple and avoids triggering certain tax charges that would apply if parents or helpers were co-owners.
These mortgages are most commonly used when:
In all cases, it's a way of boosting affordability without complicating the ownership structure.
✅ Increased Borrowing Power
Up to four people can be named as borrowers, increasing the total income considered by the lender.
✅ Ideal for First-Time Buyers
Great for young buyers with a deposit but not quite enough income. Parents can help—without having to gift or loan large sums of money.
✅ Stamp Duty Benefits
Because only one person owns the property:
✅ Flexible Exit Options
Some lenders offer flexible arrangements (like Flex Together) that make it easier for parents to exit the mortgage once the child can afford the payments alone.
❗ No Ownership Rights for Supporters
Those helping with the mortgage don’t get any legal claim to the property, despite being responsible for repayments.
❗ Legal & Financial Responsibility
All borrowers are jointly and severally liable. If the sole owner can’t pay, the others must cover it—even though they don’t own the home.
❗ Impact on Future Borrowing
Being named on a JBSP mortgage may limit a co-borrower’s ability to get other loans or mortgages in their own name later on.
❗ Exiting the Arrangement
Removing a co-borrower isn’t always simple. A “deed of release” is often needed, and the lender will want to make sure the remaining borrower can afford the mortgage alone.
If you're considering a JBSP mortgage, we strongly recommend:
This ensures all parties are protected—and there are no surprises down the line.
A Joint Borrower Sole Proprietor mortgage can be a brilliant stepping stone to homeownership. It gives buyers a much-needed affordability boost while protecting the financial supporters from ownership responsibilities and tax complications.
But it’s not for everyone.
That’s why we’re here. At Chetwood Lloyd Mortgages, we take time to understand your unique situation and help you decide whether a JBSP—or another option—is the right move.
We're fee-free, truly independent, and with you every step of the way.
📞 Call us for a chat
💬 Message us directly through the website
📅 Book an appointment online
Let’s find the best path to homeownership—together.
How many people can be on a JBSP mortgage?
Up to four people can be named as borrowers, but only one will own the property.
Do co-borrowers have any legal claim to the home?
No. Only the sole proprietor is listed on the title deeds. Co-borrowers help with repayments but have no ownership rights.
Will it affect my ability to buy another property?
Yes, potentially. Being named on a JBSP mortgage may affect your borrowing capacity for other loans or mortgages.
Is it the same as a guarantor mortgage?
Not quite. A JBSP mortgage involves co-borrowers making monthly repayments alongside the owner. A guarantor mortgage typically means the guarantor only steps in if payments are missed.
Jamie Mielczarek, founder of Chetwood Lloyd Mortgages, brings 25 years of experience and a commitment to honest, client-first advice rooted in family values and full independence.
Whether you are buying a home or need to remortgage, we're here to help you to find the best solution.