Guarantor mortgages or Joint Borrower Sole Proprietor

Guarantor Mortgages

Get on the property ladder with help from a family member

Sometimes you just need that extra bit of support or backing to be able to get the mortgage and therefore the property you want. Having a family member connected to your mortgage can give you a major boost to your borrowing figures and give the lender reassurance you can afford the payments.

The lenders will potentially feel more comfortable lending to you if you have a parent who can support and “guarantor” the mortgage to initially support the application by showing their extra income can help support you and additionally if things go wrong indeed to have the income to step in and cover the mortgage payments.

Joint Borrower Sole Proprietor

There are namely two options for family members to be able to support you with your mortgage officially.

Guarantor Mortgage or Joint Borrower Sole Proprietor

The difference between the two has become minimal as the years have gone past with Joint borrower sole proprietor or JBSP for short becoming the typical route nowadays but Guarantor mortgages are still certainly around.

The main difference between the two is that a Joint borrower sole proprietor mortgage means that you can apply with someone who’s willing to accept joint responsibility for making mortgage payments without having a legal claim to the property.

This point alone has significant stamp duty saving implications, as more often than not the parent helping will already have a property and won’t ideally want to “own” your property if they’re helping you out. If they do they’ll be typically likely to have to pay stamp duty as they would now own technically a second property, which is where stamp duty can kick in for them.

This differs from a guarantor mortgage, as guarantors only become liable for the debt if the mortgage applicant can’t make them at all. Both you and the non-proprietor applicant (non-owner) will need to show that you can afford the mortgage payments.

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Based on 52 reviews
Georgiana Olescu
Georgiana Olescu
2024-04-10
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Paul is an amazing broker, very helpful, responsive to emails and patient with customers. The process with him was quick and easy as his work ethic is impeccable. We are beyond impressed and happy with his services and that we got to work with him.
Valerie O
Valerie O
2023-12-28
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Exceptional service provided by Paul, I could not have asked for better. Definitely does his due diligence and goes above and beyond. Highly recommended!
Bonnie Frost
Bonnie Frost
2023-12-25
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Paul is a fantastic advisor and guided my husband and myself through the entire process of buying our first home, he made the entire process feel easy and we were well informed along with great communication and fast action. We completed within 3 months of contacting Paul.
Johnathan Lowery
Johnathan Lowery
2023-11-16
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Working with Paul has been a hugely positive experience. Paul took the time to understand our needs and financial situation, ultimately securing us a mortgage deal that we would not have been able to obtain on our own. His guidance and patience over an extended time was invaluable in guiding us through a volatile period in the property market. I highly recommend working with Paul at Your Property Financial.
Adeel Sarwar
Adeel Sarwar
2023-10-02
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It has been great working with Paul. He helped us to redeem our help to buy equity loan which didn't seem possible to me when I first contacted him. It took much longer than expected due to many obstacles but Paul explained every step of the process very clearly and he regularly communicated with me to ensure the remortgage went through as efficiently as possible. I would definitely recommend working with Your Property Financial.
Jessica
Jessica
2023-08-29
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I would highly recommend Paul as a mortgage broker. As a first time lone buyer I began the process feeling very out of my depth, particularly in a market where mortgage rates are very high. But from the get go Paul provided reassurance and practical guidance and has been immensely helpful throughout the process. I've really appreciated his responsiveness, honesty and support.
Louise Griffiths
Louise Griffiths
2023-08-28
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I reached out to Paul 2 years ago and giving this review now because I wanted to ensure that I could give a true review of what benefits I have experienced from using his service. I am thrilled with the financial expertise given to me by Paul. His skillful negotiation secured me an excellent mortgage rate within a short turn around time. This has not only set me on the path to paying off my principal balance but has also allowed me to simultaneously build a solid emergency fund. His initial guidance has been invaluable in shaping my financial future. I look forward to working with Paul again, once my 5 year plan is near its end. Highly recommended!
Calum Hebron
Calum Hebron
2023-08-05
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Paul has been consistently excellent, ensuring we got the best possible mortgage deal at a time when rates weren't great. Paul worked with us to understand our financial complexities and went above and beyond to ensure they were understood by mortgage providers. We've been made to understand every stage of the process, and as first time buyers we were able to feel confident in the decisions we made. I would highly recommend working with Paul at Your Property Financial.
Czarina
Czarina
2023-08-04
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My almost a year-long journey with Paul as my broker has been truly amazing, despite a few hiccups during the mortgage process. Working with him has been the best decision ever! As a first-time buyer, I lacked knowledge about purchasing a home, but Paul's guidance and expertise were outstanding. He explained things in a clear and concise way. What impressed me the most was Paul's responsiveness. He promptly addressed all my questions and concerns, never making me feel like a bother. Even when I faced challenges, Paul's determination and problem-solving skills were unwavering. I felt so supported throughout the entire process. Thanks to Paul's unwavering support, I managed to reach this point. I highly recommend him to anyone, especially fellow first-time buyers. Paul's knowledge, patience, and reliability are unmatched. He's not just a broker; he's an invaluable ally in this complex process. Thank you, Paul!
Alistair Prestidge
Alistair Prestidge
2023-07-11
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Paul helped me to get my Mortgage approved in less then 48 hours! He has been great and I can’t recommend him highly enough. His communication is excellent, and he helped me understand each stage of the process easily. Thank you so much for helping me buy my very first home! I will most certainly be recommending Paul to friends & family!
guarantor home loan

Either Guarantor or Joint borrower sole proprietor mortgages could be a very useful route to get you on the property ladder.

You should always speak to your solicitor to obtain the most up-to-date relevant tax implications for your circumstance.

The slight complication with either of these options though is typically the lenders will need to factor in the “Guarantors” personal financial circumstance and this would include things like their current mortgage, credit commitments, income and credit score to name a few.

Equally this arrangement need not be forever and some years down the road with your finances improved to the level where you could take on the mortgage in just your own name, you could then look to remortgage and remove the guarantor from the mortgage.

Speak to one of our mortgage brokers today and we can work out if this route is best for you and how you could go about setting it all up.

Mortgage Brokers: Essential Help for Securing Your Guarantor Mortgage

The application process for a guarantor mortgage can be more complex than a standard mortgage. Here’s how a mortgage broker specialising in guarantor mortgages can be invaluable:

parent guarantor home loan
  • Expertise: They have a deep understanding of the market, lender criteria, and the best guarantor mortgage products available.
  • Comparison and Selection: They can compare deals from multiple lenders to find the one with the most competitive rates and terms for your specific situation.
  • Streamlined Application Process: They can guide you through the application process, ensuring you submit all the

Making Your Guarantor Mortgage Journey Smooth

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