With the housing market remaining tough for many, a new opportunity has emerged for buyers who need extra support: using up to four incomes on one mortgage application. Thanks to Family Building Society’s enhanced Joint Borrower Sole Proprietor (JBSP) mortgage, UK buyers, particularly first-time buyers, second steppers, and families, can now significantly boost affordability by combining incomes from multiple family members. This development is particularly welcome amid ongoing concerns about high property prices and tighter lending criteria.
What Is a Joint Borrower Sole Proprietor (JBSP) Mortgage?
A JBSP mortgage allows one or two people to own and live in a property while up to two other family members can support the mortgage with their income, without being legal owners of the home. This structure ensures supporting family members avoid the additional stamp duty normally associated with second homes. Family Building Society’s JBSP product is available for both owner-occupiers and buy-to-let investors, with flexible terms and generous age limits, up to 95 at the end of the mortgage term for repayment plans and 89 at the start for interest-only.
The First-Time Buyer Crisis: Could JBSP Mortgages Be the Solution?
A staggering 2.2 million first-time buyers have missed out on homeownership since the 2008 financial crisis, according to recent figures from the Building Society Association (BSA). This group, often dubbed the “missing millions”, has been locked out of the property market primarily due to mortgage affordability challenges, soaring house prices, and rising interest rates.
While 7.2 million individuals or couples were expected to buy their first home between 2006 and 2025, only 5 million managed to do so. For the 2.2 million left behind, saving for a deposit and passing affordability checks remains a serious hurdle, especially as new buyers now spend around 22% of their income on mortgage repayments, compared to 18% just a few years ago.
Many younger buyers, particularly those under 30, are now turning to high loan-to-income (LTI) and high loan-to-value (LTV) mortgages to stretch their finances, often needing support from family just to get on the ladder. Meanwhile, renting continues to absorb more of their income than a mortgage would, adding to the challenge of saving for a deposit. This is where Joint Borrower Sole Proprietor (JBSP) mortgages, like those offered by Family Building Society, could provide a lifeline.
By allowing up to four incomes to be considered in a single application, without adding additional legal owners to the property, JBSP mortgages give buyers the power to overcome affordability barriers, increase borrowing potential, and finally achieve homeownership. Whether it’s parents, grandparents, or even siblings offering income support, JBSP arrangements help bridge the growing gap between house prices and incomes.
How Does Using Four Incomes On One Mortgage Help Mortgage Affordability?
Rising property prices have made it difficult for single-income and even dual-income households to secure the mortgage amounts they need. By allowing up to four incomes on one application, Family Building Society opens the door to much higher borrowing potential. For example, a first-time buyer earning £30,000 a year might only be eligible for a £135,000 mortgage alone. With additional incomes from family members, like parents, grandparents, or siblings, they could afford a significantly larger loan, making homeownership a real possibility.
This approach doesn’t just help young buyers. It can also be reversed, known as a “Reverse JBSP”, where adult children help parents stay in the family home later in life, giving families new flexibility in managing property wealth.
Key Features of the JBSP Mortgage
- Up to four incomes accepted on one mortgage
- Up to 90% Loan-to-Value (LTV) on loans up to £500,000
- Maximum loan size now £1,000,000
- No additional stamp duty for supporting family members
- Available to a wide range of family supporters, including parents, grandparents, siblings, aunts, and uncles
- Owner occupier and Buy to Let options available
This product is particularly valuable for those nearing retirement, as it allows lending up to age 95 on repayment terms and age 89 on interest-only mortgages.
Expert Opinion: A Game-Changer for Struggling Buyers
Louis Mason, Marketing and Communications Director at Oportfolio Mortgages, commented:
“This is exactly the kind of innovation we need in the UK mortgage market. Many first-time buyers and second steppers are struggling to get on or move up the ladder, despite having family willing to help. A mortgage product that allows up to four incomes, while protecting those supporters from second home tax implications, is a game-changer. It opens up more lending power and keeps homeownership within reach for many who might otherwise be priced out.”
Looking to Use Four Incomes on a Mortgage? Speak to Us Today
If you’re exploring ways to increase your mortgage affordability, or want to help a loved one buy their first home, our expert advisers at Oportfolio Mortgages are here to guide you. Whether you’re a first-time buyer, a parent wanting to support your children, or looking to secure your own retirement through home ownership, we’ll help you understand your options and make the most of your affordability potential. Call the Oportfolio Mortgages team today to book a free consultation.
