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Frequently Asked Questions about Joint Borrower Sole Proprietor

Here are the questions we get asked a lot about the Joint Borrower Sole Proprietor feature of our mortgages. If you can’t find the answer you’re looking for please contact the team via Live Chat.

  • What is a JBSP or Joint Borrower Sole Proprietor mortgage feature?

    At Bath Building Society JBSP is a feature of our Buy For Uni and Standard Residential mortgages.

    For example, the Buy For Uni JBSP mortgage feature enables a student to buy a house and then rent out rooms within the house to help towards the affordability calculations for their mortgage payments. The student who owns the house becomes the landlord, buying their own house instead of paying rent to another landlord for their student accommodation whilst completing their studies.

  • How many people can be on a mortgage with the Joint Borrower Sole Proprietor feature?

    Up to three people can be on a Bath Building Society Joint Borrower Sole Proprietor mortgage. That’s one proprietor and up to two joint borrowers.

  • Do you pay stamp duty on mortgages offering the Joint Borrower Sole Proprietor feature?

    If you are a first time buyer and the property value is under £425,000, there is no stamp duty for you to pay. Parent/s also would not pay stamp duty as they would not own any of the property as the purchaser would be the sole proprietor.

  • How are Joint Borrower Sole Proprietor mortgages different from joint mortgages?

    With joint mortgages all borrowers are legal owners of the property. With JBSP mortgages, the sole proprietor is the only legal owner of the property and the parent/s would be joint borrowers for affordability purposes only.

  • What are the benefits of a mortgage with a Joint Borrower Sole Proprietor feature?

    You can achieve enhanced mortgage affordability and take a larger mortgage than might otherwise be possible on your own.

    Your joint borrowers will not be liable for stamp duty on the property you purchase as they will have no legal ownership nor will they be named on the deeds.

    Our standard residential mortgage products as well as our Buy for University mortgages both offer the joint borrower sole proprietor feature.

  • What are the risks of a Joint Borrower Sole Proprietor feature on a mortgage?

    If there is a breakdown in the relationship between borrowers, it could be difficult to remove joint borrower names from the mortgage. The joint borrowers have no legal rights to the property nor any of the increase in its value over time. If the sole proprietor stops making payments, the joint borrowers will be liable for the full amount of the mortgage and non-payment could impact their credit score. Missed or late payments will show up on all parties’ credit reports.