Joint Borrower Sole Proprietor Mortgages (JBSP)

[ta-kro]

Hi,

Would anyone be able to advise if JBSP can be used to get First Time Buyer SDLT relief in the follow scenario? Obviously within the £500k SDLT relief threshold.

At the moment only my name is on the deed of our home and mortgage.
My wife has not owned or own any property.
So wife will be the sole proprietor but we use our joint income for the mortgage for the purchase of a our next home.

I've read conflicting information online so wondered if anyone or Sarnie perhaps could clarify?

Thanks

[Sarnie]

ta-kro said:

Hi,

Would anyone be able to advise if JBSP can be used to get First Time Buyer SDLT relief in the follow scenario? Obviously within the £500k SDLT relief threshold.

At the moment only my name is on the deed of our home and mortgage.
My wife has not owned or own any property.
So wife will be the sole proprietor but we use our joint income for the mortgage for the purchase of a our next home.

I've read conflicting information online so wondered if anyone or Sarnie perhaps could clarify?

Thanks

In this scenario, you couldn't live in the property...............

[ta-kro]

Sarnie said:

In this scenario, you couldn't live in the property...............

Thanks for the reply, but this confuses me even more are you able to clarify why?

[Sarnie]

ta-kro said:

Thanks for the reply, but this confuses me even more are you able to clarify why?

Which part is confusing you?

[ta-kro]

Sarnie said:

Which part is confusing you?

Why would I not be able to live in the property?

[Sarnie]

ta-kro said:

Why would I not be able to live in the property?

Because that's not the purpose of this type of mortgage..............if it were, half the country would be doing this to avoid increased SDLT.

This type of mortgage is similar to a guarantor mortgage and is aimed at people who want to help people get onto the property ladder when they can't currently afford to.......kid at university.......or young professionals etc who's income are not sufficient currently.

[ta-kro]

Sarnie said:

Because that's not the purpose of this type of mortgage..............if it were, half the country would be doing this to avoid increased SDLT.

This type of mortgage is similar to a guarantor mortgage and is aimed at people who want to help people get onto the property ladder when they can't currently afford to.......kid at university.......or young professionals etc who's income are not sufficient currently.

I wouldn't image half the country are on first time buy status but I understand the point you are making. There was some mention of guarantor mortgage when reading up on JBSP. So there must be some legislation to prevent married couples using these types of mortgage that I could not find on the internet. Reason for my OP is that I'm due to remortgage in 6months so I thought I'd do some reading up.

Your input is much appreciated many thanks.