JBSP Mortgage and Help to Buy Equity Loan

20SmthngSver

Does anyone know if a Joint Borrower Sole Proprietor mortgage (Barclays call it a Family Assistance mortgage) can be use by the first time buyer proprietor in conjunction with the Help to Buy Equity Loan?

ACG

Not to sound condescending but are you sure this is the right thing?
If you need a HTB equity loan and someone else to make it possible, are you sure you can afford it?

20SmthngSver

ACG wrote: »

Not to sound condescending but are you sure this is the right thing?
If you need a HTB equity loan and someone else to make it possible, are you sure you can afford it?

No different to a couple pooling their income, no? I don't see how it's different to my Dad signing with me. I have a 15% deposit and can afford the repayments. It's the income which is the hurdle if I try by myself. Having two incomes, without the legalities of stamp duty or capital gains, is why this mortgage is beneficial to me. I could sign with my dad without using HTB, which will make my mortgage higher and my repayments more. If I can borrow 20% which is interest free for 5 years, it saves money. As a mortgage advisor, you'd know this.

But this isn't what I was asking.

kingstreet

No. It isn't.

You can't use a JBSP mortgage with HTB EL.

20SmthngSver

kingstreet wrote: »

No. It isn't.

You can't use a JBSP mortgage with HTB EL.

Okay thank you.

ACG

20SmthngSver wrote: »

No different to a couple pooling their income, no?

Not really.

As a broker I have to ensure a mortgage is affordable and I would say that your requirement of needing 2 jobs, a guarantor (indirectly) and the use of an equity loan would give me a huge concerns. There is nothing wrong with any of these things, but all of them combined would be a no no for me.

But as Kingstreet has said it cant be done, I suppose that draws a line under it anyway.

20SmthngSver

ACG wrote: »

Not really.

As a broker I have to ensure a mortgage is affordable and I would say that your requirement of needing 2 jobs, a guarantor (indirectly) and the use of an equity loan would give me a huge concerns. There is nothing wrong with any of these things, but all of them combined would be a no no for me.

But as Kingstreet has said it cant be done, I suppose that draws a line under it anyway.

But some banks don't offer guarantor mortgages now, like Santander. A JBSP mortgage is similar but it's not quite the same. A JBSP mortgage makes it affordable, has two incomes. A lot of people are having to do equity loan, deposit, and family support. The use of JBSP is on the rise, so banks clearly haven't got the same scruples as you as they are ultiamtely the ones who have the decision.