Securing a JBSP Mortgage Approval for High-LTV Complex Case

For one of our recent complex cases, we helped two family members secure a mortgage of £605,000 using a JBSP mortgage structure. The one applicant planned to live in the property as the sole proprietor, while the other helped contribute to the mortgage for affordability purposes.

Backstory of the client

The sole proprietor had recently started a new job as a media manager, earning a salary of £59,400 per year which included a car allowance. Meanwhile, the joint borrower is the CEO and director of a gold exploration company based in West Africa and is earning a significantly higher income of £404,608 per year. This income allowed them to meet affordability requirements despite the sole proprietor’s more modest earnings.

The mortgage was structured at 85.17% LTV with a loan amount of £514,250. Given the high LTV and loan size, approval from indemnity insurers was required. The deposit of £91,750 was fully covered by existing funds held in an offshore account.

From our credit checks, we could see that the applicants had well-maintained financial histories. That said, some undeclared commitments were identified, including a £748,624 mortgage, credit card balances that amounted to £27,211 and small remaining loan repayments. Despite this, affordability was still strong, with a monthly disposable income of £8,799 after mortgage repayments.

Final Outcome

Through using our Joint Borrower Sole Proprietor product, a media manager on £60,000 pa was able to move to London to take up a new role and buy a flat with support from a family member. The joint borrower earned over £400,000 in a very senior role for an established gold exploration company in West Africa. 

Taking both incomes into account, we were able to offer a £514,000 mortgage at a loan to value of 85.17% with approval from indemnity insurers. 

Our underwriters reviewed the applicants’ income sources, including employment salary, offshore earnings, and allowances, confirming they could sustain repayments. Once all checks were complete, we approved the mortgage application, allowing the sole proprietor to purchase the property.
 

Nigel Beach
Senior Mortgage Underwriter

“Complex cases like these are often overlooked by mainstream lenders. This particular case showcased our flexible lending and human approach. We were able structure the mortgage through a JBSP solution and allow the sole proprietor to be named on the property deeds, while having an extra applicant on the mortgage to support affordability” 
 

Place a complex case with us 

As a lender, we provide personalised solutions to clients with unique or complex circumstances. Whether your client has multiple income sources or structures, we assess each case through human underwriting and flexible criteria.

If you'd like to discuss a case, you can contact your BDM, who will run through our criteria and explain how we can help you place your case. Alternatively, you can contact our Intermediary Team on 01384 231414 or email at [email protected].