Skipton Building Society has unveiled a rebranding of its “Joint Borrower Sole Proprietor” scheme to “Income Booster”.
This initiative aims to demystify mortgage choices for first-time buyers and encourage them to explore this offering more deeply.
Research by Skipton indicates that a multitude of first-time buyers are uncertain about the range of mortgage products on the market.
The findings suggest that 60% feel their lack of understanding is hindering their progress onto the property ladder.
Furthermore, 52% worry they might be bypassing better deals due to their unfamiliarity with specific mortgage terms.
This research also highlighted the added stress caused by complex jargon in the mortgage process. A substantial 70% of participants agreed that a simpler language would make the home-buying experience more seamless.
The “Income Booster”, formerly known as the “Joint Borrower Sole Proprietor”, allows aspiring homeowners to consider the income of up to three additional people when applying for a mortgage, without giving those individuals ownership rights over the property.
Jennifer Lloyd, head of mortgages & propositions at Skipton, said: “In an increasingly complex landscape of mortgage terms and product names, first-time buyers are finding themselves navigating uncharted waters.
“And without the right guidance, first-time buyers can often overlook some of the mortgage options that could potentially help them to step onto the property ladder sooner rather than later.
“At Skipton we want to cut down on the jargon and help first time buyers to be aware of all the options available to them. Which is why we are renaming the Joint Borrow Sole Proprietor mortgage – simplifying the name to Income Booster, highlighting exactly what this product is about and to encourage prospective first-time buyers to find out more about it.”
William Rice, CEO of Gen H, expressed his support: “When we started lending in 2020, there was a clear need in the market for a reimagined joint borrower sole proprietor mortgage.
“First-time buyers needed more help onto the ladder, and the guarantor or joint mortgages available often prevented families from providing enough support.
“That’s why we created the income booster – a distinct, reimagined type of mortgage designed to help families lend more flexible support which benefits everyone.
“Like Gen H, Skipton has long been committed to innovating in the mortgage industry, and we’re glad to be working alongside them to create the change aspiring homeowners so desperately need – from designing new kinds of mortgages to eliminating unnecessary jargon from the process. It’s time for mortgages and homeownership to be simple, transparent, and fair, and we back Skipton as they continue to innovate and keep homeowners at the heart of what they do.”
