Metro Bank has announced an expansion in the criteria for its Joint Borrower, Sole Proprietor mortgages, now allowing non-relatives, including godparents and close family friends, to support applicants alongside direct family members.
This update aims to broaden the scope of support for individuals striving to climb the property ladder, offering more versatility in residential purchases.
Under the new criteria, joint borrowers can also reside in the property and have the option to gift a deposit to the primary applicant.
With provisions for up to 95% loan-to-value (LTV) for purchases and the possibility to include up to four named applicants on the mortgage, Metro Bank’s Joint Borrower, Sole Proprietor mortgage is designed to facilitate homeownership for a wider range of buyers.
Charles Morley, director of mortgage distribution at Metro Bank, commented on the update: “Joint Borrower, Sole Proprietor mortgages have long allowed parents and grandparents to help loved ones onto the property ladder.
“Metro Bank’s enhancements today provide a more flexible approach, allowing godparents, cousins or even family friends to support loved ones onto the first or next rung of the property ladder.”
