Vernon Building Society has launched of a new joint borrower sole proprietor (JBSP) range of products.
The JBSP range of mortgages allows for up to four applicants’ incomes to be considered to support mortgage affordability, with the non-occupying borrowers usually being close family members such as a parent, child or sibling.
Only the occupying borrowers are property owners, but all borrowers have responsibility for mortgage repayments.
Buyers will receive free valuation of up to £1,000 on the full range of JBSP mortgages.
These include the JBSP five-year fixed rate at 4.69%, 80% maximum loan-to-value (LTV) and no fee with a maximum loan value of £500,000 and the JBSP five-year fixed rate at 5.09%, 90% maximum LTV and no fee with a maximum loan value of £450,000.
In addition, the society has launched the JBSP two-year discount at 4.69% (2.91% discount from SVR of 7.60%), 80% maximum LTV and £499 fee with a maximum loan value of £500,000.
This product also offers 25% overpayment without incurring early repayment charges (as opposed to the standard 10%).
Borrowers aged over 18 can apply for a JBSP mortgage, with a minimum property valuation of £125,000.
The mortgage term must not exceed the retirement age or 75 for all borrowers.
Split repayment terms are available, allowing different borrowers to have separate term lengths within the same mortgage.
Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw
Brendan Crowshaw, Head of Mortgage and Savings Distribution at Vernon Building Society, says:
Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw says: “While house price growth has slowed, affordability remains a significant challenge for many buyers despite wage increases.”
“Deposit requirements are still high, and price-to-income ratios remain well above historic norms, meaning family support is often an essential route to getting on the ladder.”
“Our JBSP range is designed for these needs – allowing up to four incomes to be considered without complicating property ownership. It’s a practical solution for first-time buyers, those rebuilding after life changes, or anyone facing affordability constraints.”
