Accord Mortgages is now offering borrowers the option to take out a mortgage from its standard residential range with the help of an immediate family member.
The intermediary-only lender’s addition of the joint borrower, sole proprietor option to its standard residential mortgage purchase products, recognises the increasing challenges many people face in meeting affordability criteria in order to buy their own homes.
The joint borrower, sole proprietor option applies to Accord’s standard residential mortgage products for home purchase, including newbuild and offset.
It is not available on the lender’s Cascade Score, Boost LTI (loan-to-income), Deposit Unlock products or interest-only lending.
It allows applicants to factor the income of an immediate family member, into the affordability calculations related to their mortgage.
Only one applicant owns the purchased property, though both borrowers are jointly responsible for making sure the mortgage payments are met.
The minimum income requirement for the property owner is £20,000 and there is a maximum of two applicants per mortgage.
Nicola Alvarez (pictured), Accord’s senior manager, mortgage distribution, said: “The reality is that affording a mortgage as a single person continues to be challenging.
“As a result, a growing number of potential borrowers need support from family members to be able to buy their own homes, so we’re delighted to launch our first proposition of this kind, another common sense solution from Accord, further helping brokers enable their clients to bridge the affordability gap.”
