Our Top 10 Tips for getting a JBSP Mortgage

The ultimate 10 tips for a Joint Borrower Sole Proprietor Mortgage.

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Our top 10 tips for getting a Joint Borrower Sole Proprietor (JBSP) Mortgage:

Choose your joint borrower carefully

It is important to choose someone who has a good credit score and income, and who you have a good relationship with. This person will be jointly liable for the mortgage payments, so it is important to choose someone you trust.

Discuss responsibilities

Before applying for a JBSP mortgage, it is important to have a frank discussion with your joint borrower about expectations and responsibilities. This includes who will be responsible for making the mortgage payments, maintaining the property, and making decisions about the property.

Check your credit score

Even though you are applying for a joint borrower mortgage, each borrower’s credit score will be considered by the lender. It is important to check your credit score and address any issues before applying for a mortgage.

Save for a deposit

While JBSP mortgages can be useful for those with a lower deposit, it is still important to save as much as possible. The larger your deposit, the more likely you are to be approved for a mortgage and to get a better interest rate.

Consider all costs

In addition to the deposit, there are many other costs associated with buying a property, such as legal fees, survey costs, and stamp duty. It is important to factor these costs into your budget and to have a realistic understanding of the total cost of buying a property.

Compare lenders

Not all mortgage lenders offer JBSP mortgages, so it is important to compare lenders and find one who does. It is also important to compare interest rates, fees, and other terms and conditions to find the best deal.

Get pre-approved

Getting pre-approved for a mortgage can give you a better idea of how much you can borrow and what your monthly payments will be. This can also help you when making an offer on a property.

Be honest on your application

It is important to be honest on your mortgage application and to disclose all relevant information, such as any outstanding debts or credit issues. Lying on a mortgage application can lead to the application being declined or even legal action.

Seek professional advice

It is important to seek professional advice when applying for a JBSP mortgage. This includes speaking with a financial advisor or mortgage broker who can help you navigate the process and find the best deal.

Be patient

The process of applying for a mortgage can be long and complex, and it may take some time to find the right lender and property. It is important to be patient and to not rush into any decisions.

Got a question about a JBSP Mortgage that we haven’t answered? Get in touch, we’d love to add it to our article.

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Our top 10 tips for getting a Joint Borrower Sole Proprietor (JBSP) Mortgage:

  1. Choose your joint borrower carefully: It is important to choose someone who has a good credit score and income, and who you have a good relationship with. This person will be jointly liable for the mortgage payments, so it is important to choose someone you trust.
  2. Discuss responsibilities: Before applying for a JBSP mortgage, it is important to have a frank discussion with your joint borrower about expectations and responsibilities. This includes who will be responsible for making the mortgage payments, maintaining the property, and making decisions about the property.
  3. Check your credit score: Even though you are applying for a joint borrower mortgage, each borrower’s credit score will be considered by the lender. It is important to check your credit score and address any issues before applying for a mortgage.
  4. Save for a deposit: While JBSP mortgages can be useful for those with a lower deposit, it is still important to save as much as possible. The larger your deposit, the more likely you are to be approved for a mortgage and to get a better interest rate.
  5. Consider all costs: In addition to the deposit, there are many other costs associated with buying a property, such as legal fees, survey costs, and stamp duty. It is important to factor these costs into your budget and to have a realistic understanding of the total cost of buying a property.
  6. Compare lenders: Not all mortgage lenders offer JBSP mortgages, so it is important to compare lenders and find one who does. It is also important to compare interest rates, fees, and other terms and conditions to find the best deal.
  7. Get pre-approved: Getting pre-approved for a mortgage can give you a better idea of how much you can borrow and what your monthly payments will be. This can also help you when making an offer on a property.
  8. Be honest on your application: It is important to be honest on your mortgage application and to disclose all relevant information, such as any outstanding debts or credit issues. Lying on a mortgage application can lead to the application being declined or even legal action.
  9. Seek professional advice: It is important to seek professional advice when applying for a JBSP mortgage. This includes speaking with a financial advisor or mortgage broker who can help you navigate the process and find the best deal.
  10. Be patient: The process of applying for a mortgage can be long and complex, and it may take some time to find the right lender and property. It is important to be patient and to not rush into any decisions.