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Four new Joint Borrower Sole Proprietor mortgages

H&R for Intermediaries has created four exclusive mortgages for residential Joint Borrower Sole Proprietor (JBSP) applications.

All four of the mortgages are fee-free and designed to enable, for example, parents to help a son or daughter to buy a home with the only charge being on the property being purchased.

The buyer’s income is boosted by that of the joint borrowers as part of the application but without adding them to the title deeds and with no need for any savings to be lodged with the Society as security. The four JBSP fee-free mortgages are:

  • Two years fixed at 3.49 per cent for up to 95 per cent LTV
  • Two years fixed at 2.69 per cent for up to 90 per cent LTV
  • Five years fixed at 3.89 per cent for up to 95 per cent LTV
  • Five years fixed at 3.19 per cent for up to 90 per cent LTV

For the two-year fixes the ERCs are two per cent during the fix and for the five-year fixes the ERCs are on a sliding scale from five per cent in year one to one per cent in year five. There is a free property assessment for homes valued up to £1m.

H&R’s head of sales and marketing Carolyn Thornley-Yates said:

“We began offering Joint Borrower Sole Proprietor mortgages in 2016 and they have been very much in demand ever since, expecially amongst parents who already own their home and want to help a son or daughter.

“Releasing these four new mortgages makes Hinckley & Rugby an even more attractive proposition to JBSP applicants. As well as parents helping sons and daughters, we’ll also consider non-family members as joint borrowers.

“Our manually underwritten processing and absence of any maximum age at term-end brings a JBSP mortgage within the reach of many families and friends.”

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