A guarantor mortgage is a way of securing a mortgage when you lack the required deposit or have financial circumstances that may discourage lenders, such as poor credit history.
When someone agrees to act as a mortgage guarantor for you, they commit to covering the repayments if you fail to keep up.
A Joint Borrower Sole Proprietor Mortgage (JBSP) is where two borrowers use their joint income figures to apply for a mortgage. We call this an Income Boost.
Only those that live in the property, usually an individual or couple, own the property (the proprietor) and both are responsible for the mortgage repayments.
A deposit boost is where a home-owning friend or family member releases a small amount of cash from the property to put towards the buyers deposit.
These are two separate mortgages: one for the home owner (or booster) and one for the buyer. This means they are each individually liable to keep up the mortgage payments.
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