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Mansfield updates criteria to include JBSP mortgages and 40-year term

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  • 04/09/2019
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Mansfield updates criteria to include JBSP mortgages and 40-year term
Mansfield Building Society has added a Joint Borrower Sole Proprietor (JBSP) product to its residential and buy-to-let mortgage range.

 

The society has also updated its criteria to extend its maximum mortgage term to 40 years. 

JBSP mortgages have become increasingly popular for individuals who have the financial support of a close family member who will to contribute to the mortgage but doesn’t appear on the title deeds. These mortgages are typically used to support affordability where payments would otherwise be out of reach. 

While the mortgage is primarily designed to help affordability, it also provides a tax efficient way for existing homeowners to help those closest to them without being left with a large tax bill.   

JBSP residential applicants with Mansfield are expected to have a career path which should enable them to be able to afford the loan in the future.  

The mutual will consider lending up to age 85 on a capital repayment, interest-only, or part and part basis. 

Paul Lewis (pictured), national development manager , said the society was proud to be improving its range of options in its effort to “help more people realise their ambition of home ownership”. 

Lewis added: “We also think our Joint Borrower Sole Proprietor proposition will work well in the buy to let space where applicants might be able to take advantage of the tax treatment. We would encourage brokers to come and talk to us about the ways our versatile approach to residential and buy to let lending can help their clients.” 

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