Grace Bennett (pictured), business development manager (BDM) at Family Building Society, said that if parents were not cash rich but wanted to support their children onto the property ladder, then JBSP could be a very helpful avenue, as their income will be used to support affordability.
Paul Roberts, senior account director at Family Building Society, agreed, adding that “not everybody has that large lump sum of cash” and now there were a “multitude of ways” that first-time buyers could be assisted onto the property ladder.
“Brothers and sisters, mums and dads, aunties and uncles, grannies and grandads, they’re all in a position that they can potentially help,” he noted.
When asked about Family Building Society’s proposition, they said it was “constantly evolving”, pointing to its widening of family member criteria and increase of the maximum loan to value (LTV) and loan size for JBSP.
“If you go back to talking about maybe 10-15 years ago, JBSP was brought out to replace guarantor mortgages, effectively. It was at an infancy stage, but now we’ve moved to extending that to further family members, increasing the loan to value to 90%.
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“It’s a constant evolvement of the product and the types of products that we have,” he said.
He concluded: “We’ll keep looking at our proposition, we will keep evolving, and you’ll see new things come out as time goes by.”
Watch the 12:12 video, chaired by Anna Sagar, with speakers Grace Bennett, BDM at Family Building Society, and Paul Roberts, senior account director at Family Building Society.
