JBSP Mortgages

I am a first time buyer and in order to be able to afford a property my Mum and Dad have offered to help me with paying the deposit. I have heard this is possible with a JBSP mortgage but I don't know what this is. Can you explain?

JBSP means 'joint borrower sole proprietor'. This type of mortgage is relatively rare at the moment, because not many banks offer it but it is becoming increasingly popular. If your Mum and Dad are able to help you financially with the funds for a deposit a JBSP mortgage could be a good option for you. With this type of mortgage your parents will be joint borrowers with you but you will be the sole owner of the property thus avoiding any risk of your Mum and Dad sharing ownership of your property and also avoiding a three per cent Stamp Duty Land Tax surcharge.

However your parents must take independent legal advice as they too will be 'jointly and severally' responsible for this mortgage - and so liable for all repayments if...