West Brom for Intermediaries is the latest lender to enter the Joint Borrower Sole Proprietor (JBSP) mortgage market.
The scheme is designed to allow a buyer and a sponsor to combine their income and apply for a joint mortgage, without co-owning the property.
West Brom has two specific fixed rates available for its JBSP mortgages and applicants will need a 10% deposit to qualify.
A maximum of four people will be able to apply for the mortgage, and the lender says any applicants must have a “close relationship” - it also says each case will be assessed on an induvial basis.
Aaron Strutt, product director at Trinity Financial, says: “There is a selection of lenders offering JBSP including Metro Bank and Clydesdale Bank.
“These mortgages are regularly used by first-time buyers who are struggling to get on the property ladder, but could also help clients whose circumstances have changed, meaning they need to move up the property ladder or buy their own home.”
As the mortgage would be a joint application, the buyer and sponsor are liable for the monthly repayments and the total amount borrowed. It is advisable to get independent legal and tax advice before completion.
To secure a Joint Borrower Sole Proprietor mortgage call Trinity Financial on 020 7016 0790