Family Building Society widens ‘joint mortgage sole owner’ criteria

Ryan Bembridge

May 18, 2018

Family Building Society has widened the criteria on its joint mortgage sole owner product so two owner occupiers can join in a mortgage.

Previously only one person could join in the mortgage.

The ‘joint mortgage sole owner’ product was primarily designed so additional borrowers like family members and friends can help a first-time buyer get a mortgage without triggering the 3% stamp duty surcharge.

However it is used in a number of scenarios and is not limited to first-time buyers.

Keith Barber, director of business development at Family Building Society, said: “Changes to stamp duty over recent years have hampered the ability of parents to help first time buyers.

“We’ve made this change in order to help more families take advantage of the flexibility that this arrangement provides.”

He added: “In addition to the benefits for first-time buyers, we are seeing a number of older working couples wanting to help their children whose financial circumstances have changed unexpectedly, as a result of divorce, for example.

“There is also seen an increase in couples who want to support older parents remain in the family home or who wish to move closer in a more expensive area.

“We know life is complicated. This change reflects the flexibility that lenders must demonstrate if they are to successfully solve the complex needs of today’s society.”

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