A JBSP mortgage lets you buy a home in your name but with someone else’s income helping to secure the loan. Usually, that someone is a parent or guardian.

They don’t own the home (you do), but they’re legally tied to the mortgage and share the responsibility of making repayments.

It’s a great option for first-time buyers who can afford the monthly payments but fall short on income to borrow what they need.

How parents can help without co-owning

In a JBSP setup, your parents act as co-borrowers but not co-owners. That means:

- They help you qualify for a bigger mortgage
- Their names aren’t on the property title
- They won’t pay second-home stamp duty

You get the borrowing boost, they avoid the tax headache, win-win.

Case study: Boosting borrowing power with mum or dad

Let’s say you earn £30k. Lenders might offer you a mortgage of around £135k. But your dream flat costs £290k. Enter: parental power.

If your mum earns £50k, together your joint income is £80k and now you might be eligible to borrow up to £360k. Suddenly, that flat isn’t so out of reach.

This example is for illustration only, actual borrowing amounts depend on your circumstances and lender criteria.

Is a JBSP right for me?

A JBSP mortgage could be a good fit if:

- You’re a first-time buyer
- Your income needs a bit of a leg-up
- Your parents are financially stable and up for helping
- You want to own the home in your name only

It’s not the only route onto the ladder but it can be a brilliant one if your family’s in a position to support you.

Just remember: your parents will be jointly responsible for the mortgage, even though they won’t own the property and if repayments aren’t made, everyone’s credit could take a hit.

FAQs About JBSP and parental support

Q: Can my parents live in the property too?
Some lenders allow it, others don’t. Best to check before applying.

Q: What happens if I can’t pay?
Your parents are legally responsible too, so missed payments affect everyone’s credit.

Q: Can we remove my parents from the mortgage later?
Yes, if your income increases enough, you might be able to remortgage in your name alone.

Q: Will they pay more stamp duty if they already own a home?
Nope! That’s the beauty of JBSP they’re not co-owners, so no second-home surcharge applies.

In a nutshell

JBSP mortgages let you borrow with backup. You own the home. Your parents help with the borrowing. And together, you make the impossible….possible.

At Habito, we can help you figure out whether JBSP is the right fit for you and which lenders are best for your situation.

Your home may be repossessed if you do not keep up repayments on your mortgage.