First-Time Buyer Joint Mortgage
- Providing individual advice; unique to you
- Our team are happy to meet at a day, time and location most convenient to you
- Providing quality advice services and pathways to help you achieve the life you want
Get in touch for a no-obligation chat about how we might be able to help you.
What's On This Page?
Get In Touch
First-Time Buyer Joint Mortgage
Olly Potter explains the process of getting a joint mortgage for first-time buyers.
How do joint mortgages work for first-time buyers?
A joint mortgage is obviously for more than one person – it can actually be up to four. Some lenders would even allow more than that.
For most people, a joint mortgage works out better for affordability. Basically, anyone on the application is assessed on their income and expenditure. If two people are on £30,000, you can borrow more than on a sole application for someone earning £30,000.
Everyone named on the mortgage is equally legally responsible for it. If person 1 doesn’t pay and the bank comes after them, person 2 is still liable for the whole amount, regardless of how the ownership of the property is set out.
My partner is a first-time buyer, but I’m not. What are my options?
It’s an increasingly common situation, and you can still apply jointly. The main thing here is that first-time buyers get some stamp duty relief. If you’re not a first-time buyer, you can’t use that.
But as we’ve discussed in other episodes, there’s a proposition called Joint Borrower Sole Proprietor. This allows more than one person to go on the mortgage, but they won’t all be named on the property deeds and don’t own the property.
That can help with the stamp duty issue. If a first-time buyer and non-first-time buyer are on the mortgage, but only the first-time buyer is on the deeds, they are the only person technically liable for stamp duty. They own the property.
There are some caveats around that, obviously, which we cover on our Joint Borrower Sole Proprietor episode. But it means you’re still able to take advantage of the stamp duty relief, and still buy jointly for increased affordability.
Do both buyers have to be first-time buyers?
Definitely not. You can both be first-time buyers, or you can both have bought before. One can be a first-time buyer and the other one not. It’s completely up to you, essentially.
When we discuss the cost of the mortgage, we’ll have a chat about the cost of stamp duty and whether there are some options to consider there, such as Joint Borrower Sole Proprietor. But in short, no, you don’t have to both be first-time buyers at all.
Do couples lose first-time buyer status if one partner bought in the past?
Unfortunately, yes. Stamp duty first-time buyer status is solely dependent on whether the applicants have bought a property in the past.
If you both go on a standard joint mortgage, and one of you has owned a property before, you unfortunately lose your stamp duty relief. You’ll be classified as a home mover.
Sometimes first-time buyers also have access to slightly better income multiples – but we’ll have a chat about that with you, depending on your situation.
Do I have to pay stamp duty if my partner is a first-time buyer but I’m not?
Unfortunately, yes. On a standard joint mortgage where you both own the property and only one is a first-time buyer, there will be no stamp duty relief.
Both applicants have to both be first-time buyers, unless it’s a Joint Borrower Sole Proprietor mortgage, where the first-time buyer is on the property deeds.
What does being joint tenants or tenants in common mean?
These are the two main ways you can own a property. If you own a property as joint tenants, you both own the whole property together, essentially. If Mr and Mrs own the property under joint tenants and Mr dies, Mrs then owns that property 100%.
The majority of homes are set up like this, so that if one partner dies, the other will inherit the house. That’s typical with couples.
With tenants in common, people can own specific shares. You could own the house 50/50, 60/40, 90/10 – any split you want. This can be used to protect inheritance. From the previous example, perhaps Mr passes away and Mrs inherits the house. If she later remarries and their new home is owned as tenants in common, her share could be set aside for the children to inherit. It’s a way to protect your assets for inheritance and pass them on to your children.
Can I get a joint mortgage with a guarantor?
People are often aware of that name, but guarantor mortgages don’t really exist any more. They now have different names and formats. The most popular is Joint Borrower Sole Proprietor, where someone comes onto the mortgage to assist with affordability, without going on the deeds – so they don’t own the property.
Commonly parents help their children to boost affordability. It could also be an employer helping an employee, or siblings supporting each other. Bear in mind that it’s not just income that’s taken into consideration, it’s also expenses.
If your mum is joining your mortgage with a £50,000 income, but she also has credit cards and loans, those will also be taken into account. But in the majority of cases, it can help affordability and bridge the gap if needed.
Speak To an Expert
We know the financial side of life can be complex and that’s why we work hard to get to know you and your aspirations through careful life planning and consultation.
What is a Joint Borrower Sole Proprietor mortgage or JBSP for short?
I’ve just covered it, but in summary, with Joint Borrower Sole Proprietor you can have multiple people borrowing the money and named on the mortgage, but they are not all on the deeds. Not everyone technically owns the house, which helps with stamp duty and affordability. It’s a very popular option at the moment.
How much can you borrow as first-time buyers with a joint mortgage?
It depends on the lender, but with those lenders specifically geared towards first-time buyers, you can usually borrow between four to five times your income. You could even get 5.5 or six times your income.
A few lenders as we speak in December 2025 can go above six times, even to 6.5, and some won’t have a cap.
The lender adds up your income. So if two people earn £30,000 each that’s £60,000. Five times that income means you can borrow £300,000. That’s just a guideline. Other things will factor into the equation, like your credit history. If you’ve had slightly adverse credit in the past, some lenders may slightly cap that income multiple.
On paper you may be able to borrow five times your income, but then if you have a £350 a month car payment, a student loan at £200, a credit card you pay £100 a month for… that will reduce the borrowing amount.
Whether you’re employed or self-employed could also have an effect – and even things like deposit size. It is a big range, but the majority of first-time buyers will often get five times income.
People often think they can’t afford a home but after a phone call with us, they find out they’re in a better position than they thought. Even if not, they know where they need to be.
How do you calculate a first-time buyer joint mortgage?
Lenders work off your combined gross income, not net income after tax. If your income varies month to month, usually lenders take an average of the past three or six months, sometimes 12, or even the last two years.
Most lenders then lend you 4.5 times that total, but you may get up to 6.5 times as we speak today in December 2025.
From that total they will deduct the costs of your credit cards, loans, childcare, car finance and general expenditure. Some lenders are more harsh on expenditure, others less. It’s a huge topic, so it’s best to speak to someone for advice.
How much deposit do I need for a joint mortgage?
Most lenders will accept a minimum of 5%, but some can do less – so if you haven’t saved up 5%, it’s always worth a check. Even if you don’t fit those categories just now, we can give you a plan and direction.
The larger the deposit you have, the better the rate you may get. Loan to Value is important – if you borrow £50,000 to buy a £100,000 property, that’s a 50% Loan to Value. The less you borrow compared to how much the house is worth, the less risk you are to the lender, so they offer you a better rate.
Can you transfer a joint mortgage to one person?
Yes. Sometimes people decide to part ways, and someone may want to take up the mortgage in their own right.
It involves something called ‘transfer of equity’, where you can take someone off the deeds and replace them with someone else – or just leave one person named. It tends to be dealt with by solicitors, or if it’s amicable, it can be dealt with between the couple.
Some people can struggle with the affordability, because two people can borrow more than one person. Lenders will only let you take someone off the mortgage as long as you can afford the loan in your own right.
You might use Joint Borrower Sole Proprietor here. I’ve had a lot of cases where a partner comes off the mortgage and is replaced by a parent, to fill the gap for affordability. Then you’re able to take over the mortgage, and have a clean split between you and your ex.
Can we get a joint mortgage as first-time buyers with bad credit?
Yes, although it depends on what the adverse credit is. If it’s just a few missed payments, I’d be confident we can find you something. If you have missed mortgage payments recently or new defaults, CCJs or bankruptcies, potentially not.
It depends what it is, the amount and when it happened. A lot of lenders are geared towards clients with slightly adverse credit history – it definitely doesn’t automatically discredit you.
Some will give good income multiples.
Rates are obviously a bit higher, just because of the perceived risk, and you may need a bigger deposit. It depends on affordability, how much you want to borrow and your specific credit history. But there are lenders that can still do a 5% deposit, or even less, with adverse credit.
It’s definitely worth talking to someone. I’ve had a lot of people say they have really bad credit, but when we look through, there are just a few blips. Lenders understand the way the world is today and are happy to help.
How can a mortgage broker help first-time buyers with a joint mortgage?
We can help you with affordability checks, and we have access to lenders you may not have heard of. We know how they work, how to approach them and how to speak to them. That takes a lot of the stress out of the process.
It’s so good to have us in your corner, so you know what you’re going to pay and that no unforeseen things will pop up. We’re there to work on your behalf to get you into your first home.
Key Takeaways:
- Joint mortgages, which can include up to four people, generally allow first-time buyers to borrow more because lenders assess the combined income and expenditure of all applicants.
- Every person named on the mortgage is equally and fully responsible for the entire loan amount, regardless of how the ownership of the property is structured on the deeds.
- Standard joint mortgages lose first-time buyer stamp duty relief if one applicant is a previous homeowner; the Joint Borrower Sole Proprietor (JBSP) option can help retain the relief.
- Lenders calculate the maximum borrowing amount based on a multiple (typically four to five times) of the combined gross income, with all existing financial commitments then deducted from the total.
- The two main ways to own a property are Joint Tenants (both own the whole property, and the survivor inherits the deceased’s share) or Tenants in Common (people own specific shares, which can be protected for inheritance).
Your home may be repossessed if you do not keep up repayments on your mortgage.