Vernon Building Society has launched a joint borrower sole proprietor (JBSP) mortgage range to support buyers who struggle to meet income requirements on their own.
The new products allow up to four applicants’ incomes to be considered to help with affordability.
Applicants over 18 can apply with a minimum property value of £125,000.
Buyers get free valuation up to £1,000 across the JBSP range, which includes a 5-year fixed rate at 4.69% up to 80% loan-to-value (LTV) with no fee and a maximum loan of £500,000; a 5-year fixed rate at 5.09% up to 90% LTV with no fee and a maximum loan of £450,000; and a 2-year discount at 4.69% (2.91% below standard variable rate (SVR) of 7.60%) up to 80% LTV with a £499 fee and maximum loan of £500,000.
The 2-year discount product allows 25% overpayment without early repayment charges (ERCs).
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “While house price growth has slowed, affordability remains a significant challenge for many buyers despite wage increases.
“Deposit requirements are still high, and price-to-income ratios remain well above historic norms, meaning family support is often an essential route to getting on the ladder.
“Our JBSP range is designed for these needs – allowing up to four incomes to be considered without complicating property ownership.”
Crowshaw added: “It’s a practical solution for first-time buyers, those rebuilding after life changes, or anyone facing affordability constraints.
“With features like split repayment terms, enhanced overpayment options, and free valuations up to £1,000, these products give brokers the tools to help clients in a market that still demands flexibility.
“We remain committed to supporting complex cases and those underserved by mainstream lenders through individual underwriting and options for purchase or remortgage, including acceptance of gifted deposits.”
