Metro Bank have announced a broker update, available below. Contact us to see how we help brokers like you across the UK, Alternatively please refer to our Mortgage Lending Criteria Guide and Product Guides.
Announcement
Joint Borrower, Sole Proprietor case scenario
Our Joint Borrower, Sole Proprietor mortgage is designed to help customers step onto the property ladder with the support of family or friends.
Meet James
James, currently renting a flat with his friend Ross, is eager to transition to homeownership. He recently established his own business which means at this stage, has no accounts or means to prove his income. Ross has a full-time job and accumulated savings and is keen to continue living with James and support him get on the property ladder.
And how we can help…
Following our recent enhancements, the Joint Borrower, Sole Proprietor mortgage would allow James and Ross to be listed on the mortgage, with only James’ name appearing on the property deeds. We would accept deposits from both parties and allow them to reside in the property.
Residential Core Range JBSP highlights
- Spouses and non-relatives accepted as joint borrowers and can reside in the subject property
- Up to 95% LTV on houses and flats, purchase only (90% LTV for new build)
- Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds
- Income can be accepted from up to 4 applicants, at full income multiples, subject to affordability
- Maximum age 80 considered (mortgage term based on the oldest applicant at the end of the term)
- Repayment, interest only and part and part options, available (maximum LTVs apply)