Question about Joint borrower sole proprietor mortgages

georgeca

Hi,

I'm looking at the possiblity of a JBSP mortgage with a family member with myself being the joint borrower. My question is would I have to pay towards the mortgage, or can I just be there to take responsibilty if the owner can't pay (Similar to how a guarantor mortgage works)? Or must I pay towards the monthly repayments?

Is there also a minimum term to when the owner can remortgage and remove the joint borrower?

Thanks

K_S

@Georgeca       

- the mortgage needs to be paid every month. Both of you are equally and jointly responsible for it (ie if a payment is missed both your credit reports will be equally impacted) but anyone can pay it.

- usually you take out a fix and then when it comes to the end of the fix, if the owner is now in a situation to afford the whole mortgage, they remortgage it to their sole name on a normal mortgage.

georgeca said:

Hi,

I'm looking at the possiblity of a JBSP mortgage with a family member with myself being the joint borrower. My question is would I have to pay towards the mortgage, or can I just be there to take responsibilty if the owner can't pay (Similar to how a guarantor mortgage works)? Or must I pay towards the monthly repayments?

Is there also a minimum term to when the owner can remortgage and remove the joint borrower?

Thanks

kingstreet

georgeca said:

Hi,

I'm looking at the possiblity of a JBSP mortgage with a family member with myself being the joint borrower. My question is would I have to pay towards the mortgage, or can I just be there to take responsibilty if the owner can't pay (Similar to how a guarantor mortgage works)? Or must I pay towards the monthly repayments?

Is there also a minimum term to when the owner can remortgage and remove the joint borrower?

Thanks

JBSP is a guarantor mortgage. It's just the term guarantor went out of fashion.

georgeca

Ok thanks! I thought it was very similar to a guarantor mortgage, the only differences being that being a guarantor you will not be on the mortgage, but you're in agreement to pay if the owner can't? Whereas the JBSP you are listed on the mortgage and are expected to make monthly repayments along with the owner, and no collateral is needed. I may be mistaken!

Thanks for the answers