A Joint Borrower Sole Proprietor (JBSP) mortgage is an ideal solution for individuals who wish to share the mortgage responsibility with another party, while maintaining sole ownership of the property. This structure allows applicants to benefit from the financial support of a co-borrower without giving up control of the property.
We understand the flexibility that a JBSP mortgage offers, especially for first-time buyers or those with variable income who may require additional credit or financial support to secure financing.
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How a JBSP Mortgage Works:
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One Owner, Two Borrowers: In a JBSP mortgage, one borrower is the sole legal owner of the property, while the second borrower (the co-borrower) contributes to the mortgage application by providing additional income or credit support. However, the co-borrower does not hold any ownership rights to the property.
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Increased Borrowing Potential: The primary benefit of a JBSP mortgage is the ability to combine income and credit profiles from both borrowers. This can help applicants with lower income or less-than-ideal credit secure the financing they need by boosting their affordability and increasing their chances of approval.
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Flexibility: This arrangement offers increased flexibility for individuals who need additional support to qualify for a mortgage but want to retain full ownership and control of the property. It’s particularly useful for buyers who want to enter the property market but may not meet the borrowing requirements on their own.
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Who Benefits from a JBSP Mortgage?
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First-Time Buyers: If you're a first-time buyer with limited financial history or income, a JBSP mortgage can be a great way to boost your chances of securing a mortgage. You can rely on a trusted family member or partner to assist with the mortgage application, while still retaining full ownership of the property.
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Individuals with Irregular or Variable Income: For those with variable income (such as self-employed individuals or contractors), having a co-borrower with a more stable financial profile can help strengthen your application and make you a more attractive candidate to lenders.
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Family Members or Trusted Partners: If you have a family member or trusted partner who is willing to assist with the mortgage but doesn’t wish to be a joint owner of the property, a JBSP mortgage allows them to help with the application while keeping their ownership rights separate.
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Advantages of a JBSP Mortgage:
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Enhanced Borrowing Power: By adding a co-borrower, you may qualify for a larger loan or better mortgage terms, even if your own income or credit history is not sufficient to meet lender requirements.
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Retain Full Ownership: The key feature of a JBSP mortgage is that the primary borrower retains full ownership of the property, while benefiting from the additional financial support of a co-borrower.
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Improved Mortgage Terms: A stronger application, with the added security of a co-borrower, may help you negotiate better rates, more favorable terms, and a larger loan amount.
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Considerations:
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Legal and Financial Responsibilities: While the co-borrower does not have ownership rights to the property, they are still legally responsible for repaying the mortgage. It’s important that both parties fully understand their financial commitments before proceeding.
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Impact on Future Borrowing: The mortgage application will consider both borrowers' financial histories and credit profiles, which can influence the co-borrower’s ability to secure other forms of credit in the future.
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How Artillium Can Help You with a JBSP Mortgage:
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Expert Guidance: We specialize in helping clients navigate the complexities of joint borrower mortgages, ensuring that both parties understand the terms and implications of the arrangement.
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Tailored Solutions: We work with you to identify the best lenders and mortgage products for your specific needs, ensuring that you get the most favorable terms based on your financial situation.
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Streamlined Process: Our team will guide you through every step of the mortgage application process, making it as smooth and efficient as possible.
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Take the Next Step:
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If you're considering a Joint Borrower Sole Proprietor mortgage, contact Artillium Finance Partners today to discuss your options. Whether you’re a first-time buyer, a freelancer, or just need extra financial support, we’ll help you find the right mortgage solution tailored to your needs.
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Book your free consultation now to get started.