Loughborough Building Society Introduce 95% LTV on Standard Joint Borrower Sole Proprietor Mortgages
Loughborough BS has announced the introduction of a 95% LTV JBSP product to their range.
This is a two year variable discounted rate, currently 3.10% with a £499 arrangement fee, and available for residential mortgages in England and Wales.
This solution allows older family members to help out younger and younger family members to help out their elders. So, with up to four people on the mortgage application family members are able to assist one another to own their own home no matter what their age.
Because all parties will be responsible for the mortgage payments, there is no requirement for the proprietor to be able to take on the mortgage alone until all family members are ready and able to make the change.
For proprietors whose income is insufficient to cover the mortgage without the assistance of additional joint borrower(s) who live independently from the mortgaged property; affordability will be assessed taking into account income and commitments of all named parties.
The Loughborough’s criteria allows borrowers to potentially take a mortgage over 40 years, rather than have a restricted mortgage term at the outset.
Ashley Pearson, BDM says ‘We launched this solution in November 2020 at 85% LTV and have been pleased with the response. Introducing a product up to 95% LTV for standard JBSP means we’ll be able to help more people realise their home ownership ambitions. It also sits nicely alongside our 90% JBSP and our 100% Deposit Guarantee JBSP offerings’.