Loughborough Building Society Launches Joint Borrower Sole Proprietor Mortgages
Loughborough Building Society has launched a range of Joint Borrower Sole Proprietor mortgages.
The new addition to their Family Assist mortgage range allows both older family members to help out younger ones and younger members to help out their elderly relatives. So with up to four people on the mortgage application families are able to assist one another to own their own home no matter what their age.
This is available for residential purchases and re-mortgages where the proprietors’ income is insufficient to cover the mortgage without the assistance of joint borrower(s) who live independently from the mortgaged property. Affordability will be assessed taking into account income and commitments of all named parties.
As 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 it’s affordable to the proprietor. This allows for a mortgage term of potentially up to 35 years, rather than be restricted at the outset.
Ashley Pearson, BDM said ‘I’m really glad to be able to offer Joint Borrower Sole Proprietor to all ages, it’s not only First Time Buyers who need help, but also older family members with reduced income and those whose income doesn’t support the mortgage they need regardless what age – if they have family members who are willing and able, it’s a great solution’.