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Joint Mortgage Sole Proprietor

If you need a little help to afford your dream home a Joint Mortgage, Sole Proprietor (JMSP) mortgage may be the right solution for you.

A JMSP mortgage allows you to buy a home with help from family.

This can help you get on the property ladder or take the next step sooner than may be possible otherwise, as we will take your family members' income into account when working out how much you will be able to borrow. 

We will consider the income and expenditure of both households in our assessment of affordability.

Our JMSP arrangement lets one or two owners plus up to two family members join in the mortgage to support the owner(s). The supporting family members won't be joint owners of the property but they will be counted as borrowers.

This means while all of you will have joint responsibility for the mortgage payments and full repayment of the loan, only the owners named on the title deeds have a legal claim over the property or any increase in value.

You can speak to us about removing your family members, once your financial position changes.

Further important information about our JMSP mortgage

  • Available for first time buyers and home movers who are buying a new home to live in.
  • Up to four applicants can apply for a JMSP mortgage, across a maximum of two households for example, a couple supported by one parent (or one set of parents).
  • You’ll need 20% deposit, this can be your own savings, or gifted to you by a family member.
  • Available on our range of fixed and variable rate mortgages.
  • You can choose a term from 6 years up to 40 years.
  • All parties must take legal advice before entering into a JMSP mortgage. This may incur a cost.
  • All parties are liable for payments. If one of you is unable to make the payments, the others are liable for the payments and for the full amount of the loan.
  • Not available with Co-Ownership or Foreign Currency Loan applications.

If your family can provide help towards a deposit, our Family Assist mortgage might be the right solution for you

To borrow with Progressive Building Society you must be over 18. Whether we provide credit will depend on your circumstances. Lending terms and conditions apply.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.

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