Key Details:
- £3.2M JBSP facility across refinance and £5.5M purchase
- Overseas income used to support UK sole ownership
- Single private bank structure with flexible terms
The clients were a UK-resident student and a parent based overseas, with the parent earning a stable professional income. Due to their cross-border circumstances, the family required a solution allowing both parties to support affordability while ensuring the UK-based family member retained sole ownership of the properties. A Joint Borrower Sole Proprietor (JBSP) mortgage was identified as the most suitable structure.
The family wished to refinance a London property valued at around £910,000 (50% LTV) and simultaneously acquire a second property valued at approximately £5.5 million (50% LTV), with total borrowing of circa £3.2 million. The solution needed to incorporate international income and both properties under a single streamlined facility.
Key complexities included obtaining lender approval for the JBSP structure, properly assessing international income, and accommodating both refinance and purchase in one facility. Lenders needed to factor in rental income, offshore income, and beneficial ownership clarity.
Enness sourced a private bank familiar with cross-border JBSP arrangements. The lender combined both transactions into a single mortgage facility, assessing affordability holistically and allowing flexible repayment terms. The structure optimised leverage while preserving future borrowing options and supported long-term UK investment objectives.
Both transactions were completed under one private-bank facility. The refinance unlocked equity, and the purchase proceeded smoothly at 50% LTV. The solution consolidated the family’s UK property position, provided flexibility for future investments, and demonstrated how a JBSP mortgage can support cross-border property financing.
Enness does not provide tax advice. Borrowers should seek independent tax, legal, and financial advice before entering into any arrangement.
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Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
