Launch of JMSP mortgage products
We’re delighted to launch a revised two year Joint Mortgage Sole Proprietor (JMSP) product as well as extending product availability to include a five year alternative. Both products are available up to 80% LTV and can support a wide range of borrower’s circumstances including first time buyers, home movers resulting from a marital split or later life lending (with support from children).
These products can increase borrowing capacity by adding a family member onto the mortgage and taking their income into consideration for affordability. Importantly, this family member isn’t named on the deed of the property.
- Competitive 2 and 5 year products available
- Free standard valuation on properties up to £500k
- No product fees and £500 cashback on these products
- 10% overpayment allowed per annum
- Available on loans from £25,000 and up to a maximum of £1,000,000
- Affordability will be calculated using combined income from the occupying and non-occupying borrower
- Maximum age is 80 years at the end of the mortgage term based on the oldest applicant
- A family member is defined as a close family relative, normally a parent or step parent
- 2.99% Fixed Rate until 31.03.2023 (5.2% APRC), with no product fees
- Early repayment charge of 2% until 31.03.2022 and 1% until 31.03.2023 for this product
- 3.55% Fixed Rate until 31.03.2026 (5.1% APRC) for loans up to 80% LTV, with no product fees
- Early repayment charge of 5% until 31.03.2022, 4% until 31.03.2023 for this product, 3% until 31.03.2024, 2% until 31.03.2025 and 1% until 31.03.2026 for this product
All new 80% LTV product rates can be found on our website
Launch of 85% LTV Mortgage Products
I pleased to confirm that we will be launching replacement products for our Residential 2 year fixed 85% products with effect from Monday 2nd November 2020.
The product range include the following highlights;
- Choice of a competitive range of both two and five year fixed rates;
- Available to First Time Buyers, home movers and re-mortgages increasing our support in the market;
- A free standard valuation on properties up to £500k helping your clients with their costs;
- The products allow 10% overpayments per annum supporting clients who require the flexibility to make lump sum overpayments. This is in addition to a regular monthly overpayment allowance of £499;