Joint Borrower Sole Proprietor Mortgage Deposit: Everything you need to know

How much do you need for a Joint borrower sole proprietor mortgage deposit?

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What Is A Joint Borrower Sole Proprietor Mortgage Deposit?

This is the amount of money required to be provided by the borrower in order to get the specific mortgage. This can vary depending on the lender chosen, and is usually talked about as a percentage.

This percentage is usually of the property purchase price or full market value. For most Joint borrower sole proprietor mortgage lenders this would start at 5%. However, you may find that some want a larger deposit for this type of mortgage.


You are buying a house for £200,000, and the lender requires a 10% deposit, so you put a deposit down of £20,000.

However, just because a lender requires a minimum deposit, doesn’t mean you need to stick to that amount. Using the above example, if you had £21,000 that you wanted to use as the deposit, you can still do that. This is a 10.5% deposit, but it’s more than the minimum amount required.

How Much Jbsp Mortgage Deposit Do You Need?

This will vary depending on the lender you choose. However, at the time of writing most lenders start at 5-10% minimum deposit. We recommend you seek advice for a specialist mortgage advisor to discuss your options prior to applying for a JBSP mortgage.

Some lenders may require as much as 25% deposit for your mortgage, so it is really important to speak to a professional to ensure you are looking at the right lender.

Understanding Joint Borrower Sole Proprietor Mortgage Deposit Requirements

In order to understand Joint borrower sole proprietor mortgage deposits you just need to understand the percentages required. Different lenders, and different products will require different deposit amounts. This can lead to confusion if you don’t know what to look for.

The other thing to consider for JBSP mortgage deposits is where your deposit is coming from. Much like everything with a mortgage, different lenders will have different rules. Some will allow gifts from anyone, others might only allow gifts from immediate family. Some will even allow loans as well as gifts for deposit funds.

Can Joint Borrower Sole Proprietor Mortgage Deposit Be A Gift?

Most lenders will accept a JBSP mortgage deposit in the form of a gift. However, it will vary depending on the lender. The other factor that will vary is who is allowed to gift the deposit and the evidence required.

Most lenders will accept a gifted deposit from immediate family, but some may accept a gift from other family members as well.

What Sources Of Jbsp Mortgage Deposit Are Acceptable?

Different lenders will accept different sources of deposit, however the main ones that are accepted by some (not necessarily all):

  • Savings
  • Gift from family member
  • Loan from family member
  • Inheritance

There may be other sources which are also accepted, and if you want to know about other sources a specialist mortgage advisor can probably help.

Who Can Gift Joint Borrower Sole Proprietor Mortgage Deposit?

The gift for a joint borrower sole proprietor mortgage deposit is usually accepted from the immediate family. This generally means Parents or siblings. However, some lenders may accept a gift from a wider range of family members, such as:

  • Parents
  • Siblings
  • Step-parents
  • Step-siblings
  • Aunts/Uncles
  • Grandparents
  • Cousins
  • Landlord (Potentially, this is not widely accepted at all)

What Evidence Of Deposit Is Required?

In general for a deposit you need 2 things to evidence that you have it:

  1. 3 months bank statements showing the funds
  2. Gifted deposit form if it’s a gift.

However, if you are using deposits from a different source, such as sale of property, or inheritance, you may need different evidence.

Can I Use A Lifetime Isa Bonus With A Jbsp Mortgage?

Generally you cna use your Lifetime ISA bonus with any property purchase, including a JBSP Mortgage. However, we recommend you speak to your solicitor to confirm this. A lifetime ISA can be used to get an additional 25% deposit up to £1000 per year from the government. It is the main scheme remaining from the government to help home buyers.

Do All Jbsp Mortgage Lenders Need The Same Deposit?

The amount of deposit required will vary depending on the lender. Many only require 5% deposit, however some need as much as 25% deposit.

This can therefore have a large impact on which lender you use when going for a mortgage. However, many lenders have products available for low deposit applicants, so you should still have options.

Do I Need More Deposit If I Have Bad Credit?

In general with mortgages, you will often need more deposit if you have bad credit. However, this will vary greatly depending on what the cause of your bad credit is, and how long ago it was.

There are many different types of bad credit, and each lender may view them differently. Bad credit includes:

  • Missed payments
  • Defaults
  • CCJ’s
  • Debt management plans
  • Individual voluntary agreements
  • Bankruptcy

The longer ago a credit issue happened, the more likely a lender will ignore it. For example in general bad credit stays on your report for 6 years, so longer than that and it will usually not be factored in. Even if it was a year or two ago you may find it isn’t a game changer for your mortgage. However it will depend on the lender, so always speak to a specialist mortgage advisor to go through your options.

Joint Borrower Sole Proprietor Mortgage Deposit

Will I Need More Deposit If I Am Having A Longer Term On My Jbsp Mortgage?

The amount of deposit is not usually affected by the length of the mortgage. However, some lenders will lend more if you take your mortgage over a longer term. This can therefore mean that you could have to put in more deposit if you choose a shorter term as the maximum loan may be smaller.

Got a question on Joint borrower sole proprietor mortgage deposit that we haven’t answered? Get in touch!

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