Remortgaging borrowers will be able to use a JBSP arrangement to fund additional renovations or refinance following changes in family circumstances, such as separation or divorce.
The maximum loan size has been increased to £15m and the upper age limit for customers joining the application to support mortgage affordability has been extended to 80 years old when selecting a repayment product.
JBSP deals can be taken on an interest-only or part and part basis.
Rhys Powell (pictured), interim head of distribution at Bank of Ireland for Intermediaries, said: “The demand for this type of support is clear, with joint borrower sole proprietor enquiries identified as the most searched criteria topic in Twenty7tec’s latest Mortgage Market Snapshot1. That reinforces what we’re hearing from customers and intermediary partners alike: that flexible solutions are increasingly important in helping people achieve their homeownership ambitions.
“Whether that’s helping a first-time buyer get onto the property ladder, supporting affordability, or making it easier for family members to downsize while continuing to support loved ones, these changes provide greater flexibility for a wider range of circumstances.”
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