Joint Borrower Sole Proprietor specialists
Experts on 25+ alternative buying schemes
Increase what you can borrow with an Income Boost
Also known as a Joint Borrower Sole Proprietor (JBSP) mortgage, add some or all of a loved one's income to yours to boost your buying budget without giving up sole ownership.
Already have an Income Boost mortgage? Find out how remortgaging works
Best Mortgage Broker 5 years running
Dedicated mortgage team by your side
Rated 4.8/5 on Trustpilot
How does it work?
Also known as a Joint Borrower Sole Proprietor mortgage (JBSP), an Income Boost is a way of increasing what you can afford to borrow for a mortgage with the help of a loved one. By adding some or all of their earnings to your household income, a lender will allow you to borrow more.
You’ll still be the sole owner of the property, so there aren’t tax implications for you or your Booster. They also don’t need to contribute to monthly repayments, but if you are unable to pay, they’ll be required to step in.
Read our full guide on how Joint Borrower Sole Proprietor mortgages work, including eligibility criteria, age limits, and how much you could borrow. There's also an age limit for guarantors; read our full guide to Income Boost age limits for the details.
Things to consider
All mortgages have risks and benefits. Here are some key things you should know about before applying for an Income Boost
What are the benefits?
Increase your borrowing power
With an Income Boost, you can combine up to four income sources to significantly increase your buying budget. So there’s no need to compromise on your dream home, or spend decades savings up a house deposit.
A stepping stone to independence
If you can afford the mortgage by yourself in the future, you can remove your Booster from the mortgage. In this way, an Income Boost can be a temporary ‘leg up’ to help you get on the ladder.
Your Booster won’t be out of pocket
Your Booster doesn’t need to offer up cash savings or investments to help you buy. As long as you make your repayments each month, they won’t have to contribute financially.
First-time buyer stamp duty relief is not affected
Your Booster won’t be listed on the deeds of your home. So any first-time buyer stamp duty relief you might be eligible for isn’t impacted, and your Booster’s tax position won’t be affected either.
Risks and considerations
Everyone on the mortgage is liable for the debt
If you cannot make your repayments, your guarantor will be required to step in. If no one makes the payments, this will impact the credit history of each applicant and could result in your home being repossessed.
Your Booster’s age could impact your repayments
Most lenders cap the mortgage term based on the age of the oldest applicant. If your Booster is over the age of 60, this means your mortgage term could be shorter, and therefore the monthly repayments would be higher.
All applicants will go through affordability checks
We need to ensure the mortgage is affordable for all applicants. Our assessment includes providing proof of income, outgoings, identification and a credit check.
Your Booster will have no legal rights to the property
As a guarantor, your Booster will not be a co-owner of the property and does not have an equity share, so they won’t benefit if the property’s value increases.
Why Tembo?
We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.
The application process
Get into your very own home in 4 simple steps
Fill out your details
In under 10 minutes, we’ll check your eligibility for a Joint Borrower Sole Proprietor mortgage as well as other buying schemes. Plus, you’ll see indicative interest rates and repayments.
Talk to an expert
Book a call with our mortgage experts to complete the qualification process. We’ll cover any questions you might have about Joint Borrower Sole Proprietor mortgages and any other schemes.
Apply for a mortgage
Your dedicated advisor will undertake full affordability with you & your Booster, and prepare an application with your chosen lender. As part of the application process, we’ll help to arrange for your Booster to get independent legal advice.
Make home happen
During the conveyancing process, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review. Your case manager will also be on hand through to move-in day!
Tools and calculators
Stamp duty calculator
Work out what you may have to pay in Stamp Duty on your first home.
Related guides
Got questions? We've got answers
See all FAQsFrequently asked questions
Other mortgage schemes
You can be snug in your very own home in 4 simple steps
Increase your affordability
With a guarantor
Without a guarantor