The latest update from Family Building Society can be found here. Remember, we are able to package on a fees free basis for Family Building Society and also offer support to brokers who wish to deal directly via our mortgage club. Further details are available across our website. Full details of product range here.
JBSP – A flexible family solution to affordability
Our Joint Borrower Sole Proprietor arrangements offer a family solution to affordability. We’ve expanded the list of family members who can support an arrangement, so our JBSP is now more flexible than ever.
Who can support a JBSP arrangement?
- For Owner Occupier arrangements, family members who can provide support include parents, grandparents, siblings, aunts and uncles
- For a Buy to Let arrangement, a spouse or parent can support
- For a reverse JBSP, adult children can also support their parents.
Benefits of JBSP
- Up to four incomes can be used for affordability – one or two borrowers (who will own and occupy the property) can be supported by up to two other family members
- Supporting family members will not be liable for stamp duty on a second home – they will be listed on the mortgage but will not own the property.
Generous age limits apply
For JBSP arrangements our standard generous age limits apply for the main (occupying) borrowers.
- Owner Occupier JBSP arrangement:– Repayment mortgages, up to a maximum age of 95 at the end of term– Interest-Only up to a maximum age of 89 when the loan commences– Up to 80% LTV.
- If your client needs a Buy to Let mortgage, they can apply for a JBSP arrangement on our standard product range: – Maximum age of 89 when the loan commences– Up to 70% LTV.
- If any of the loan is on an Interest-Only basis, the mortgage must finish before either the expected retirement age of the eldest supporting (non-occupying) borrower or by age 70, whichever is sooner.
Semi-exclusive products
Did you know that on top of our standard range of products we have additional semi-exclusive products available via our packaging partners? Speak to your local Business Development Manager for more information.
For more information on our mortgage products, please visit our website or contact your local BDM or our mortgage desk.