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The Cambridge adds JBSP deal; MPowered Mortgages cuts rates – round-up

  • 18/03/2024
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The Cambridge adds JBSP deal; MPowered Mortgages cuts rates – round-up
The Cambridge has added a joint borrow sole proprietor (JBSP) deal to its range to allow borrowers to improve affordability.

The JBSP product will allow up to two occupiers to use the additional income of up to two close family members.

The JBSP deal accepts up to four applicants in total, and the combined income will allow customers to borrow more.

Supporting family members will be named on the mortgage and will be jointly responsible for monthly mortgage payments being met.

Family members will not be on the title of the property, and the occupiers have legal ownership of the purchased property.

Kathy Bowes, intermediary manager at The Cambridge – which opened up to foreign nationals in January – said: “We appreciate that getting a foot on the property ladder is not without its challenges, and that many borrowers rely on family members to support them purchasing their own home.

“We’re a building society built on a foundation of finding new ways to help people have a home. In addition to our shared ownership products and 95 per cent lending, we hope that this JBSP initiative will help brokers find additional solutions for borrowers trying to buy a home.”


MPowered Mortgages lowers rates across all fixed rates

Prime residential mortgage lender MPowered Mortgages has lowered rates across its entire fixed rate mortgage range.

Two-year purchase rates at 60 per cent loan to value (LTV) with a £999 arrangement fee have fallen from 4.9 per cent to 4.52 per cent.

Two-year remortgage rates at 60 per cent LTV with £999 arrangement fees have decreased from 5.19 per cent to 4.57 per cent.

Fee-free two-year purchase rates have gone down from 5.14 per cent to 4.69 per cent, and for remortgage, the rate has decreased from 5.34 per cent to 4.84 per cent.

The lender has cut three-year fixed rates, with purchase rates beginning from 4.42 per cent with a £1,999 arrangements fee, and remortgage rates starting from 4.49 per cent with a £999 fee. This is down from 4.47 percent, 4.57 per cent and 4.77 per cent respectively.

Products without an arrangement fee are at 4.67 per cent for purchases, formerly 4.77 per cent.

For five-year fixed rate deals, purchase rates with a £1,999 fee start at 4.42 per cent, and remortgage deals are priced from 4.44 per cent with a £999 fee. Fee-free purchase rates begin from 4.44 per cent and 4.64 per cent for remortgages.

Remortgage cashback deals come with a choice of either £500 cashback or a legal assist feature, which goes towards legal fees.

Matt Surridge, sales director at MPowered Mortgages, said: “We are delighted to be able to reduce our fixed rate mortgage range at a time when most other lenders are raising mortgage interest rates.

“The decision reflects our optimistic outlook for the housing market over the next few months and our determination to support homeowners at this challenging time to purchase a home or remortgage.

“As always, borrowers looking to take advantage of these new rates should seek independent professional advice to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”

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