Loughborough Building Society has launched a range of joint borrower sole proprietor mortgages.
The products are available for residential purchases and remortgages where the proprietors’ income is insufficient to cover the mortgage without the assistance of joint borrowers who live independently from the mortgaged property.
Affordability will be assessed, taking into account income and commitments of all named parties.
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There is no requirement for the proprietor to be able to take on the mortgage alone until it is affordable to the proprietor.
As a result, this allows for a mortgage term of potentially up to 35 years, rather than be restricted at the outset.
The new additions have been added to the lender’s family assist mortgage range.
Ashley Pearson, business development manager at Loughborough Building Society, said “I’m really glad to be able to offer joint borrower sole proprietor to all ages.
“It’s not only first-time buyers who need help, but also older family members with reduced income and those whose income doesn’t support the mortgage they need regardless what age – if they have family members who are willing and able, it’s a great solution.”