Experiences of JBSP mortgage non-proprietor

kkson

Hello,

Looking to get a JBSP mortgage and would be interested to hear if anyone has done this as the non-proprietor and had any difficulties in obtaining future credit, for example, a new car finance agreement? 

Appreciate that it will all be dependent on circumstances but just interested to hear others experiences. 

Many thanks 

silvercar

We haven’t had any problems. Generally with JBSP mortgages you’d expect the non-P to have plenty of income to cover the mortgage with the other party. You don’t want to be leaving things so tight that you have no spare cash each month.

kingstreet

The JBSP/guarantor liability will be viewed as your liability 100% so you should expect a reduced maximum loan for another mortgage, or for other types of credit.

silvercar

kingstreet said:

The JBSP/guarantor liability will be viewed as your liability 100% so you should expect a reduced maximum loan for another mortgage, or for other types of credit.

That's interesting to know. We have a completely offset mortgage, so our monthly mortgage payments are zero,  but on paper we are liable for the full monthly payment on a large mortgage. OH has a JPSP with our eldest that is large (and actually funded by our eldest, who has a lodger to help make payments), OH was able to obtain another JBSP mortgage with our youngest, though we didn't go down that route in the end. Unlikely on paper he could prove that he could afford all 3 mortgages on his own long term. I thought that providing bank accounts to the lender, showing that your outgoings don't include any other mortgage payments was enough.

Does that also apply to a standard joint mortgage? ie when you take a loan, does the provider want to know you can afford all joint borrowing on your own?

If the non- proprietor is part of a couple, would it be easier to raise a loan in the name of the partner/ spouse of the non- proprietor? The spouse would be asked about their own financial commitments and their contribution to household expenses, I don't see a loan company requiring details of their partners outside commitments.

kingstreet

Some lenders calculate mortgage affordability then deduct the capital amount of other mortgages; while others simply take the monthly cost of another mortgage and apply it like a loan or credit card balance in reducing the available income before calculating affordability.

It would usually make sense to apply for credit in the name of the individual with the best income/commitment profile.