Buckinghamshire Building Society has added the joint borrower sole proprietor (JBSP) facility to its prime product range and removed the dedicated offering.
The mutual will now enable the JBSP option for the majority of its mortgage products up to 90% loan to value (LTV) for both purchase and remortgage.
The option will be available to a broader set of borrowers through more product options and allow applicants to benefit from desktop valuations up to 75% LTV.
Buckinghamshire Building Society will consider JBSP applicants based on standard credit criteria, meaning debt management plans will be acceptable if none have been registered in the last three years.
The JBSP facility allows borrowers to use their parents’ income to help with affordability, while keeping them as the legal owner of the property.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, said: “As a society, it’s vital to consistently review our lending proposition in line with ever-shifting borrowing demands and deliver flexible, appropriate and responsible solutions for potential and existing borrowers whose circumstances can change at any given time.
“A key factor [that] led to removing our dedicated JBSP products and allowing JBSP applications across the vast majority of our prime range is growing demand from first-time buyers and those existing homeowners whose personal circumstances may have changed. For example, through relationship breakdowns or bereavement.”
She added: “Extending this facility to make it more accessible and easily attainable for the right type of borrower is a win-win situation for everyone. And we hope our intermediary partners will seize this opportunity to meet a wider range of client needs.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
