What's a Joint Borrower Sole Proprietor mortgage?
A JBSP mortgage means applying with someone who is willing to accept joint responsibility for making mortgage payments without having a legal claim to the property.
Income boosters go on the mortgage to boost how much we can lend. Boosters are liable for the mortgage, like owners, but they don't go on the property deeds, so any first-time buyer stamp duty status won't be impacted.
A common example is a mother helping her daughter buy a home. In this scenario both will be mortgage borrowers, but only the daughter would be named on the title of the property as a home owner.
What makes an income booster different?
Our income booster is a smarter take on a traditional JBSP mortgage.
A common problem with typical JBSP mortgages is that the term length can be limited by the booster's age. Boosters tend to be older, so a lender may only want to give you a term up to their 75th birthday, for example. This isn't always long enough.
We do things differently. If an income booster will turn 85 before the end of the mortgage term, we'll calculate if they can automatically come off the mortgage at that point.
This means you could potentially get the longer term you may want to keep the monthly mortgage payments more affordable.
And if an income booster would like to contribute towards the deposit, they can also be a deposit booster.