Joint Borrower Sole Proprietor / JBSP Mortgage Calculator
Our JBSP Mortgage calculator will tell you approximately how much you will be able to borrow on a Joint Borrower Sole proprietor mortgage.
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What Is Different About A Jbsp Mortgage Calculator?
For a JBSP mortgage calculator you will be including multiple income streams from different houses. When calculating it accurately, a mortgage advisor will also take into account the outgoings from both houses. However, for illustration purposes the calculator will give a high level overview of the amount you may be able to borrow on a Joint Borrower Sole Proprietor mortgage.
What Income Can I Enter Into Your Jbsp Mortgage Calculator?
For a Joint borrower sole proprietor (JBSP) mortgage calculator you should be able to enter anything that may be considered income. The different things that lenders will accept as income will vary depending on each individual lender’s criteria.
However, some of the income methods you should be able to enter are:
- Employed income
- Self Employed income
- Contractor income
- Maintenance payments received
- Benefits income
- Pension income
- Investment income
You may find there are other things that can be entered into the JBSP mortgage calculator, however, if you are unsure, speak to a specialist mortgage broker.
How Accurate Is The Joint Borrower Sole Proprietor Calculator?
Unfortunately the calculator isn’t 100% accurate. It is designed to give you a rough idea of how much you may be able to borrow. If you need a more accurate borrowing figure we suggest speaking to a specialist mortgage broker that can accurately tell you. (Usually this might take only a few minutes over the phone)
How Does It Work?
The calculator works out all the income for your household and gives an approximate amount that you may be able to borrow. Often you can borrow either slightly more or slightly less than this figure, depending on your outgoings.
If you have very high outgoings you may see the actual figure being lower than the calculator has predicted. However, if you have little or no outgoings you may find you could even borrow slightly more than the calculator has stated.
How Can I Get A More Accurate Figure?
In order to get a truly accurate figure of how much you can borrow on a Joint Borrower Sole Proprietor (JBSP) mortgage you will need to speak to a specialist mortgage broker. They will take into account all the lenders, and both your income and outgoings to give an accurate figure.
When calculating an accurate lending amount, a mortgage advisor will look at various lenders and their various criteria to see which will lend the amount required and offer the best deal for your personal situation.
Due to the fact that so much goes into this calculation, a JBSP mortgage calculator just can’t offer an accurate enough prediction of the amount you can borrow.
Do Different Lenders Offer Different Amounts?
Depending on the lender, the amount you can borrow may vary a lot. Sometimes it could be different by hundreds of thousands of pounds, depending on the lender.
This is why a mortgage broker is almost required for a joint borrower sole proprietor mortgage. With so many different lenders, with much different criteria for each one, it can be a minefield choosing the right lender for your situation.
How Many People’s Income Can I Put In The Jbsp Mortgage Calculator?
This will vary depending on the lender. However, many lenders accept up to 4 peoples income. This can be multiple sources per person as well. So you may be able to use income from 2 sources for 1 person. This can greatly increase the amount you can borrow.
This is not the case for all lenders though, and you should therefore be careful when applying for a joint borrower sole proprietor mortgage as some lenders will limit you to 2 people on the mortgage, or allow more than 2 people but only accept 2 incomes.
Got a question we haven’t answered? Get in touch and we’ll answer it and likely add it to this article to help others!
A mortgage article by Mark Robinson – Mortgage & Equity Release Broker
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