Principality Building Society has reintroduced its Joint Borrower Sole Proprietor (JBSP) mortgage offering to the market.
The product range, which allows relatives to assist with their loved one’s mortgage, will support young borrowers looking to purchase their first home in the coming months.
The society said its JBSP offering allows parents, step-parents and grandparents to join their child or grandchild on their mortgage by including their income in the affordability assessment.
Up to four applicants can be accepted on the mortgage and there isn’t a required minimum income for the application. Principality also stated that relatives do not need to be on the title deeds and jointly owning the property.
Available for purchase application through both brokers and direct, Principality indicated the mortgages currently offered on this range are the two-year product at 2.06% and five-year product at 2.08% products, both at 80% LTV.
Principality national account manager, Helen Lewis, commented: “It’s a challenging time for first-time buyers not only with rising house prices but current uncertainty in the housing market due to coronavirus.
“We’re pleased to respond to this by reintroducing the JBSP offering, which will assist young borrowers wishing to get on the property ladder and support our valued brokers. This product offers additional support for new borrowers to overcome affordability issues and ensure they can get on the ladder as soon as possible.”
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