Skipton Building Society has launched a joint borrower sole proprietor proposition (JBSP) for new and existing customers.
This will be available up to 95% loan-to-value (LTV) in England, Scotland and Wales.
Alex Beavis, head of mortgages at Skipton, said: “I’m really excited about our launch of JBSP mortgages.
“JBSP probably isn’t the most well-known type of mortgage, but is a fantastic way for parents, guardians, friends or family to support would-be first-time buyers with the significant affordability challenges posed by accessing the housing ladder.
“Hopefully our launch into this market can raise awareness of this growing product area and demonstrate our continued commitment to finding real life lending solutions for brokers and their clients.”
Jane Benjamin, director of mortgages, Sesame and PMS, added: “House prices have risen significantly in recent years and affordability is a major challenge for first-time buyers attempting to get onto the property ladder.
“This enhancement from Skipton for Intermediaries is great news and demonstrates a commitment to support the market as a whole, from new borrowers through to the mortgage brokers who represent them.”