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Tipton & Coseley launches joint borrower sole proprietor mortgage as Leeds adds BTL deals

  • 21/11/2018
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Tipton & Coseley launches joint borrower sole proprietor mortgage as Leeds adds BTL deals
Tipton & Coseley Building Society has launched a Joint Borrower Sole Proprietorship (JBSP) for first-time buyers and home movers, as Leeds Building Society offers fresh buy-to-let deals. 


The JBSP mortgage can be used by family members to help each other on to the property ladder or move home by boosting their affordability.

Tipton & Coseley assess affordability 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.

One of the benefits of the product is that it can remove stamp duty trigger for buyers, as additional borrowers are not required to be named on the deeds.

It means, for example, parents can help out children who can then still take advantage of first-time buyer stamp duty exemptions.

Cammy Amaira, director of sales and marketing at Tipton & Coseley, (pictured) 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.”


Leeds launches buy-to-let variable mortgages

Leeds Building Society has launched two discounted buy-to-let mortgages.

At 60% (loan to value) LTV landlord borrowers can access a variable rate 1.14% or a rate of 1.34% at 70% LTV.

Jaedon Green, director of product and distribution at Leeds, said: “These shorter-term discount mortgages offer market-leading rates and a package of incentives.

“Widening our range of discounted residential mortgages was well-received so we’ve seen that there’s an appetite for variable rate deals – with the potential for lower monthly repayments than equivalent fixed rate mortgages– among borrowers who don’t expect interest rates to increase significantly in the near future.

“We may be in a rising rate environment but the Bank of England has suggested any base rate increases will be small and gradual, in recognition of the fact that rates have been at historically low levels for the last decade.”

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