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Loughborough BS relaunches buy for uni mortgages as JBSP
Loughborough Building Society has relaunched its buy for uni range as a joint borrower sole proprietor (JBSP) mortgage while still allowing students to rent out rooms.
The product enables students to get onto the property ladder with the help from a family member and up to two rooms can be rented out to cover mortgage payments.
One product is available up to 80 per cent loan to value (LTV) and requires a standard deposit.
The other is available up to 100 per cent LTV. For this product, an assisting family member will be needed to provide a deposit guarantee of either a second charge on their own home, a cash guarantee deposited in a specially designed account or a mixture of both.
The guarantee will be required until such time that certain conditions are met.
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The product is available on properties in England and Wales where the student has at least one year left on their course at a university. The university must be less than 10 miles from the mortgaged property and the borrower must intend to live in the property themselves.
Ashley Pearson (pictured), business development manager at Loughborough Building Society, said: “We’re keen to offer mortgage solutions to borrowers with a range of different circumstances and this is an excellent opportunity for those who in most cases, never dreamed they could buy their own home while a student.”