Loughborough Building Society has increased the maximum loan-to-value (LTV) on standard joint borrower sole proprietor (JBSP) mortgages to 90% with immediate effect.
The lender’s 2-year variable discounted rates start at 2.75% and are currently available for residential mortgages in England and Wales.
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 borrowers who live independently from the mortgaged property, affordability will be assessed taking into account income and commitments of all named parties.
Ashley Pearson, business development manager at Loughborough Building Society, said “We launched this solution in November 2020 at 85% LTV and have been pleased with the response.
“Increasing the LTV to 90% for standard JBSP means we’ll be able to help more people realise their home ownership ambitions.
“It also sits nicely alongside our 100% Deposit Guarantee JBSP offering.”