Principality Building Society has broadened the definition of family support network on its joint borrower sole proprietor (JBSP) mortgage to allow more help for first-time buyers.
Formerly, just the income of parents and grandparents could be added to boost a buyer’s affordability. Now, the lender will allow spouses, siblings, children, grandchildren and legal guardians to use their income to support an applicant.
Up to four people can be named on the mortgage with any combination of joint borrowers and sole proprietors as long as the mortgage remains within affordability.
With this type of mortgage, only the buyer is responsible for monthly repayments and sponsors can be removed once the buyer’s circumstances change and they can afford the mortgage without support.
Vicky Wales, chief customer officer at Principality Building Society, said: “We’re proud to be able to announce the update to this mortgage offering, following feedback from our members and brokers who wanted to see a wider group accepted as joint borrowers.
“This change will make it easier for someone buying their first home and who needs financial help from their family to make that first step on to the housing ladder.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
