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Marsden BS introduces joint borrower sole proprietor mortgages for FTBs
Marsden Building Society has launched joint borrower sole proprietor (JBSP) mortgages to support first-time buyers onto the property ladder.
The JBSP mortgage is suitable for first-time buyers as borrower owners with lower salaries. Using their parents who are willing to become a borrower but non-owner of the property will make the mortgage more affordable.
Head of lending at Marsden BS, Steve Robinson (pictured), said that there is a growing appetite for customers wanting to get onto the property ladder, but it can be difficult for first-time buyers to be able to afford the mortgage repayments.
He added: “We have launched our JBSP range with supporting toolkits including criteria and product portfolios so that brokers have access to everything they need, as well as a guide that answers any questions about our JBSP mortgage range.”
In 2018, Marsden BS saw an increase in gross mortgage lending from £116m to £122.8m and said it will maintain its strategy of investment, including further innovation in technology with the launch of an online platform for intermediaries supporting loan applications.
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