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.
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