Principality Building Society has updated its joint borrower sole proprietor mortgage offering in a bid to help more first-time buyers get onto the ladder.
Principality’s existing joint borrower sole proprietor mortgage allows a buyer to add a family member’s income to the mortgage to increase the amount they can borrow.
Previously this has meant that only parents and grandparents can support in the application process, however the Society has now extended this, with spouses, siblings, children, grandchildren and legal guardians all now eligible.
Vicky Wales, chief customer officer at Principality Building Society, said: “We’re proud to be able to announce the update to this mortgage offering, following feedback from our members and brokers who wanted to see a wider group accepted as joint borrowers.”
In addition, up to four people can now be named on the mortgage, in any combination of joint borrowers and sole proprietors.
Wales added: “This change will make it easier for someone buying their first home and who needs financial help from their family to make that first step on the housing ladder.”
