Marsden Building Society has launched joint borrower sole proprietor (JBSP) mortgages with 3 and 5-year fixed terms up to 90% and 95% loan-to-value.
The JBSP mortgage is suitable for first-time buyers as borrower owners with lower salaries and their parent(s) who are willing to become a borrower non owner to make the mortgage more affordable. Rates are now live on sourcing systems and Marsden’s Intermediary website.
Steve Robinson, head of lending at Marsden Building Society, said: “There’s a growing appetite for customers wanting to get onto the property ladder, but it can be difficult for first-time buyers to save up enough and be able to afford the mortgage repayments.
“We’ve launched our JBSP range with supporting toolkits including criteria and product portfolios so that brokers have access to everything they need, as well as a guide that answers any questions about our JBSP mortgage range.”
The products have no booking fee, a free standard valuation up to the value of £500,000 and a £998 arrangement feed paid on completion.