Foundation Home Loans’ Residential by Foundation has entered the joint borrower sole proprietor (JBSP) product market.

The lender has launched a range of two- and five-year fixes up to 85% loan-to-value (LTV) across its F1 and F2 residential credit tiers.

The products allow for up to four borrowers to be named on the mortgage, up to two of those who are named on the property deed.

The two- and five-year fixed rate JBSP products sit within the lender’s F1 credit tier and are available up to 85% LTV and come with a £795 fee, with rates starting from 6.29%.

Two- and five-year fixed rate JBSP options are also available within Foundation’s F2 credit tier, up to 80% LTV. These come with a £795 fee and rates starting from 6.39%.

The new products will be offered for both purchase and remortgage purposes with options for interest-only, capital repayment and part and part repayment, and a range of family members can be considered as supporting borrowers.

Foundation Home Loans director of product and marketing Tom Jacob says: “It’s become increasingly evident just how much support FTBs require from family members as the struggle to raise a deposit and affordability hurdles represent ongoing concerns.”

“JBSP is a product type that we’ve been closely assessing for a significant period of time and, through our recently launched residential brand, we are now better positioned to deliver a competitive solution backed by common sense underwriting and the highest service standards.”

“Up to four applicants can be named on a JBSP mortgage. This allows a wide range of family members to use their incomes to bolster the borrowing potential of the main applicants without needing to be named on the property deeds.

“As a lender, it’s vital to continue exploring how and where we can provide greater product choice and we hope the introduction of this new offering will provide a flexible option to help our intermediary partners meet ever-changing client demands in an increasingly complex borrowing environment.”