Market Harborough Building Society (MHBS) has launched a new range of mortgage products aimed at multi-generation living arrangements.
With an increasing number of people seeking communal living arrangements, the building society is offering mortgage solutions that can be tailored to the needs of multiple applicants.
The products are not limited to families, and can also be used by groups of friends pooling resources to purchase a home together.
The new products offer a range of benefits, including the ability to achieve home ownership goals that may be otherwise unattainable, a way of getting onto the property ladder, and longer-term financial benefits such as inheritance tax and stamp duty obligations.
The communal aspect of multi-generation living can also provide enhanced support, overcoming loneliness and providing more care for children or older generations. Sharing of utility bills can also lead to economic and environmental benefits.
MHBS will consider up to four borrowers’ income for maximum affordability, and lend up to the age of 85.
The building society will also consider complex properties, including those with large acreage and annexes. Each case is assessed on an individual basis. The products are available up to 75% LTV, with interest only solutions available.
Richard Saunders (pictured), head of sales at MHBS, said: “Our new range meets the growing demand for flexible products that can be tailored to the needs of multiple applicants.
“At MHBS, every case is assessed by a real person and with our common-sense approach to decision making, we can often help with complex scenarios other lenders can’t.”
The new products include a 3-year discounted rate at 5.04% with a follow-on rate of 7.59%, and a 2-year fixed rate at 5.44% with a follow-on rate of 7.59%, both with a product fee and application fee.
A 3-year fixed rate at 5.24% with a follow-on rate of 7.59%, and a 5-year fixed rate at 5.44% with a follow-on rate of 7.59% are also available, both with a product fee and application fee.
Minimum loan size is £200k, with a maximum loan size of £5m, and over payments of up to 10% are allowed. ERC ranges from 3% for two to four years, depending on the product, and LTV is up to 75%
