The Cambridge Building Society has added a Joint Borrower Sole Proprietor (JBSP) mortgage option to its standard residential range.
This option allows up to two occupiers to use the additional income of up to two close family members, to support the affordability of the proposed mortgage.
This latest offering from The Cambridge accepts up to four applicants in total, and the combined income allows customers to potentially borrow more.
Supporting family members will be named on the mortgage and will be jointly responsible for ensuring all monthly mortgage payments are met.
They will not be named on the title of the property, and only the occupiers have legal ownership of the purchased property.
Kathy Bowes, (pictured) intermediary manager at The Cambridge, said: “We appreciate that getting a foot on the property ladder is not without its challenges, and that many borrowers rely on family members to support them purchase their own home.
“We’re a building society built on a foundation of finding new ways to help people have a home.
“In addition to our Shared Ownership products and 95% lending, we hope that this initiative will help brokers find additional solutions for borrowers trying to buy a home.”
