Suffolk Building Society has raised the loan-to-value (LTV) on joint borrower sole proprietor (JBSP) mortgages to 90%.
This means buyers using support from parents or relatives can borrow more when purchasing or remortgaging a home.
Additionally, the LTV for new build flats has also gone up to 90%.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “Having recently enhanced our loan-to-income ratios for applicants with rental history, it’s great to offer new build flats and JBSP for those with smaller deposits.
“JBSP is already proving very popular with our brokers.
“As well as boosting affordability, there are tax planning advantages when it comes to liability for second home stamp duty surcharge, and first-time buyers retaining their stamp duty discount.”
Grimshaw added: “We hope first-time buyers, people starting over, and some downsizers, will also welcome the ability to borrow up to 90% on new build flats.
“Apartment living can help to address the UK’s housing needs, particularly for those purchasing in urban areas.”
