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Accord Mortgages adds joint borrower sole proprietor option to resi range
Accord Mortgages will now give borrowers the option to take out a mortgage from its residential range with the help of an immediate family member.
The lender said that the addition to its standard residential mortgage purchase products was an “example of its commitment to common-sense lending” and acknowledged the “increasing challenges many people face in meeting affordability criteria in order to buy their own homes”.
The option will apply to standard residential mortgage products which includes new build and offset mortgages.
It is not available for the lenders Cascade Score, Boost LTI, Deposit Unlock or interest-only lending.
The joint borrower sole proprietor option will factor the income of an immediate family member to its affordability calculations related to the mortgage.
Only one applicant owns the property but both borrowers are responsible for ensuring mortgage payments are met.
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The minimum income requirement for the property owner is £20,000 and there is a maximum of two applicants per mortgage.
Accord’s senior manager, mortgage distribution, Nicola Alvarez, said: “The reality is that affording a mortgage as a single person continues to be challenging.
“As a result, a growing number of potential borrowers need support from family members to be able to buy their own homes so we’re delighted to launch our first proposition of this kind, another common sense solution from Accord, further helping brokers enable their clients to bridge the affordability gap.”