Buckinghamshire Building Society has removed its dedicated Joint Borrower Sole Proprietor (JBSP) product range and integrated this facility across its prime product range up to 90% LTV for both purchase and remortgage purposes.
This means that the majority of mortgage products within the society’s prime product range will now include the JBSP option. It will extend the availability and access of the facility to a broader borrowing spectrum, through more product options and allow applicants to benefit from desktop valuations up to 75% LTV.
Buckinghamshire will consider JBSP applicants based on standard credit criteria, meaning debt management plans are acceptable if none have been registered in the last three years.
Commenting on the latest move Buckinghamshire head of mortgage sales Claire Askham said: “As a society, it’s vital to consistently review our lending proposition in line with ever-shifting borrowing demands and deliver flexible, appropriate and responsible solutions for potential and existing borrowers whose circumstances can change at any given time.”
She added: “A key factor which led to removing our dedicated JBSP products and allowing JBSP applications across the vast majority of our prime range is growing demand from FTB’s and those existing homeowners whose personal circumstances may have changed. For example, through relationship breakdowns or bereavement.
“Extending this facility to make it more accessible and easily attainable for the right type of borrower is a win-win situation for everyone. And we hope our intermediary partners will seize this opportunity to meet a wider range of client needs.”
