I am a first time buyer and in order to be able to afford a
property my Mum and Dad have offered to help me with paying the
deposit. I have heard this is possible with a JBSP mortgage but I
don't know what this is. Can you explain?
JBSP means 'joint borrower sole proprietor'. This type
of mortgage is relatively rare at the moment, because not many
banks offer it but it is becoming increasingly popular. If your Mum
and Dad are able to help you financially with the funds for a
deposit a JBSP mortgage could be a good option for you. With this
type of mortgage your parents will be joint borrowers with you but
you will be the sole owner of the property thus avoiding any risk
of your Mum and Dad sharing ownership of your property and also
avoiding a three per cent Stamp Duty Land Tax surcharge.
