A joint mortgage where only one person owns the property.
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What is a Royal Bank Family-Backed mortgage?
A Royal Bank Family-Backed mortgage, sometimes known as a ‘joint borrower sole proprietor’ (JBSP) mortgage, can help buyers get onto the property ladder sooner or borrow more. It lets you add a second person to your mortgage but without them owning the property.
Adding a second person to your mortgage as a 'non-owner', can help you borrow more than you would otherwise have been able to borrow, which means you could buy your own home sooner than you thought. And, the non-owner could be a family member or friend.
We can’t give any advice or recommendations about who the applicants for a mortgage should be. When applying, you’ll need to say who should be named on the mortgage.
Benefits
You could get on the property ladder sooner with help from a family member or friend.
The additional income of a second applicant, could provide you with greater borrowing potential.
The owner occupier would have full ownership rights to the property, whilst the non-owner, would have no ownership rights.
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Considerations
- The non-owner will need independent legal advice. This will be an extra cost.
- The mortgage criteria needs to be met by both applicants. This means the mortgage term could be restricted because we may not be able to lend past an intended retirement age.
- Royal Bank Family-Backed mortgages are not available with the Shared Equity or Right to Buy schemes.
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How much could you borrow?
Quickly get an idea of how much you could borrow with a Royal Bank Family-Backed mortgage, in less than five minutes using our handy mortgage calculator.
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Example provided for illustration purposes only. All borrowing is subject to affordability. Royal Bank Family-Backed mortgage is subject to non-owner borrower also getting independent legal advice from a separate solicitor to the one dealing with your conveyancing.
The need for independent legal advice
The non-owner on a Royal Bank Family-Backed mortgage will be just as liable for the mortgage payments as the owner-occupier.
To make sure that the non-owner fully understands their responsibilities and the expectations on them, they’ll need to get independent legal advice from a solicitor that is separate to the regular conveyancer needed when buying a new home.
As a non-owner, they'll need to get a letter from their chosen solicitor proving they've been given legal advice about the Family-Backed mortgage.
The Law Society of Scotland register must be used to confirm that the solicitor or firm is regulated.
Non-owner fact sheet
Review the following document to find out more if you are planning to be a non-owner on a Royal Bank Family-Backed mortgage.
Explore our home-buying mortgage guides
Need some help or want to speak to a mortgage professional?
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