Buckinghamshire Building Society has launched a new joint borrower sole proprietor (JBSP) mortgage solution for first-time homebuyers.
The JBSP Deposit Lite combines the benefits of the society’s JBSP and Deposit Lite mortgage products, offering support for those looking to step onto the property ladder.
The product comes with low to no deposit options, meaning that borrowers can now purchase their first home by leveraging the equity from a parent’s property.
In addition, up to two parents can also join the borrower on their mortgage journey, significantly improving borrowing potential without the need for them to be co-owners of the property.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We’re always looking to innovate, particularly in the first-time buyer space where it’s so tricky for potential purchasers to get a foothold on that first rung of the property ladder.
“This innovative product addresses two of the most significant hurdles in home buying: deposit and affordability.
“Through our discussions with brokers, we regularly hear how parents are eager to support their children’s ambitions of property ownership, but don’t always have the funds to gift.
“Bringing two of our most popular products together to create JBSP Deposit Lite makes purchasing a first property accessible for more potential homeowners and opens up new opportunities for brokers across the market.”
