Tipton & Coseley Building Society launches joint borrower sole proprietorship

Michael Lloyd

November 21, 2018

Tipton & Coseley Building Society has launched a joint borrower sole proprietorship (JBSP) for first-time buyers and home movers to help family members assist each other onto the property ladder.

The mortgage removes the stamp duty trigger by not requiring the parent or family member to be named on the deeds.

This helps lessen the financial pressure on parents who want to help their children on to the property ladder, or relatives who want to help a family member move home.

Cammy Amaira (pictured), director of sales and marketing at Tipton & Coseley, said: ‘Our recent broker research identified that families need more options when looking to help children and relatives buy a property.

“Tipton’s joint borrower sole proprietorship is a viable option for family members who want to boost their relatives’ affordability. The assisting family member is not named on the deeds and therefore avoids the stamp duty normally incurred when purchasing an additional property.”

This follows the launch of Tipton’s later life lending range, retirement interest-only, lending on retirement properties and a second homes mortgage that accepts Airbnb letting.

Standard lending criteria for Tipton’s JBSP applies and there is no requirement for additional security.

Affordability is assessed using joint household costs as detailed. Additional outgoings such as mortgage or rent payments plus any other ongoing commitments will also be included for all applicants.

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