Guarantor Mortgage Advice
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It can be easier to get a mortgage if you have a guarantor, because it’s less risky for the lender. With more income involved in the overall application, they’re more receptive to lending the money you potentially need.
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Hear More About Guarantor Mortgages
Graeme and Ross talk you through everything you need to know about guarantor mortgages
Most guarantor mortgages are now done on a basis called Joint Borrower Sole Proprietor (JBSP).
It sounds very technical, but it’s simply how we address that hypothetical scenario, where a son or daughter going to university and mum or dad are looking to buy a property for them to live in. Or, perhaps somebody is looking to buy a property but can’t quite get the borrowing they need.
We can pull in an extra applicant and use their income to support the full mortgage application. But we keep the ownership in the name of one individual applicant. That’s really important – because typically your guarantor will already own their own home. On a standard mortgage application there can be second home tax implications.
In Scotland, the additional dwelling supplement on Land and Buildings Transaction Tax is quite significant. Joint Borrower Sole Proprietor applications do not attract that, because the ownership is in just one person’s name
There’s also the standard guarantor mortgage where, depending on the lender’s criteria, you might only need to guarantee the amount that the applicant can’t afford in their own right.
