We have launched a new mortgage product up to 95% Loan to Value (LTV) aimed at helping first and next time buyers who are struggling with affordability. Flex Together is an income booster mortgage, otherwise known as Joint Borrower Sole Proprietor (JBSP). It allows family and friends to be included on the mortgage application, increasing the amount that can be borrowed. All parties share responsibility for the mortgage, but only the main purchaser is the legal owner.
The launch of Flex Together comes at a time of increased focus on JBSP mortgage products, particularly due to the continuing impact of the cost-of-living crisis on first time buyers. Legal and General (L&G) had predicted that financial assistance by families to support mortgage applications would rise to 47% in 2023. What’s more, according to sourcing system Knowledge Bank, ‘Joint Borrower Sole Proprietor’ has become one of the most-searched terms by brokers.
The criteria for Flex Together are very flexible. We allow up to four borrowers on a joint application, and accept applicants who are not family members. Additionally, we calculate affordability based on an income multiple of x4.49 for the two highest earners and x1 for any additional applicants. All parties share responsibility for the mortgage, but only the main purchaser is on the property deeds.
According to Laura Sneddon, Head of Mortgage Sales:
“What makes Flex Together unique is the even greater flexibility offered by adding a Tailored Term option. This enables different applicants to share the mortgage over different timescales, which is a major advantage when there’s a significant age gap between applicants. Unlike many other lenders, we don’t restrict all parties to the shorter term that’s applicable to the oldest applicant. Instead, we calculate what the main applicant can afford over the maximum term, and tailor an older applicant’s contribution over a shorter term.”
Flex Together is the latest addition to our flexible (Flex) range, which includes Income Flex – featuring a x5.5 income multiple for non-standard income patterns, with no minimum income requirement – and Credit Flex, for people with adverse credit, including a history of CCJs, IVAs, or even bankruptcy.
Find out more
If you would like to find out more about Flex Together find out more below.
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