It’s hardly surprising that mortgage affordability is such a hot topic. Even with a slight easing of the UK house price / income ratio from 7.3 to 6.7 ,* the fact is that typical monthly mortgage payments have increased by around 20% during the last year.**
To maximise their buying potential, some borrowers are fortunate enough to be offered help by a third party – a boost in the form of a Joint Borrower Sole Proprietor mortgage. Of course, not every lender offers this type of mortgage. And of those that do, most lenders restrict JBSP borrowing to immediate relatives.
Hinckley & Rugby takes a more flexible approach .
For a start, we can accept joint borrowers who are not family members. Not only that, we can accept up to four borrowers on a joint application. And with a Tailored Term – where multiple applicants share the mortgage over separate timescales – we can be even more flexible.
It was our flexibility that enabled Evie, aged 23, to recently achieve her dream of home ownership – supported in a JBSP mortgage by her mother and a family friend.
In some circumstances, we can even consider a higher income multiple than our standard x4.49, by accessing our Income Flex range.
So, if you need a bendable approach to your JBSP cases, pass them to a lender with its eyes firmly on the goal. Our specialist Intermediary Team is keenly awaiting your call.
*Halifax House Price Index as of June 2023
**According to Halifax mortgages director, Kim Kinnaird.
We often launch new products into the market that could be a great fit for your clients. To be notified on the day of any changes to our product range, sign up for our newsletter and you will get this information directly to your inbox.
Our responsive and helpful team are always on hand to help if you have any questions.
You can call us on 01455 874 084 or leave us a live chat message below and we will get back to you as soon as possible.