- What is the Joint Borrower, Sole Proprietor mortgage age limit?
- Which banks offer Joint Borrower, Sole Proprietor mortgages?
- Can I get a Joint Borrower, Sole Proprietor with a bad or no credit score?
- What to do if I want to end a Joint Borrower, Sole Proprietor mortgage?
There is no universal age limit set by lenders. However, like with a standard mortgage, the oldest applicant usually will need to be no older than 70. Although, some lenders will extend this up to and over 80.
JBSP mortgages aren’t offered by all lenders and some lenders may be more likely to offer you a deal. Some of the common banks and lenders that offer JBSP mortgages are:
- Barclays Bank
- Skipton Building Society
- Bath Building Society
- Metro Bank
- Newcastle Building Society
- Furness Building Society
It may be possible to get a JBSP mortgage with bad credit. However, as with any type of mortgage with bad credit, the process may be a little more difficult.
You will need to use a specialist lender that isn’t available on the high street. Therefore, they can usually only be accessed through a broker or intermediary.
If you are put into this situation, there are a few options available to you. If a non-legal owner wants their name removed for whatever reason, you will most likely need a deed of release.
This would only be granted if the homeowner can continue to make mortgage payments without any financial support from these parents or relatives.
A more common thing for people to do is to remortgage after few years. If you can now afford monthly mortgage payments and you no longer require the supporter’s help, then you can look for a different type of agreement that will give you full ownership and responsibility.
The last option is to sell the property and pay off the mortgage in full, ending the agreement.