Suffolk Building Society has announced it will welcome joint borrower sole proprietor applications across residential, buy-to-let (BTL) and holiday let for UK and expat applicants for both purchase and remortgage.
The enhancement will allow up to four people from two different households to borrow from the society with one or two individuals being named on the property’s title deeds.
The borrowers must all be immediate family, such as parents, grandparents, son, daughter, brother or sister, and can include stepfamily and adoptive family.
Suffolk Building Society head of intermediary relations and mortgage sales Charlotte Grimshaw says: “We’re always looking to support first-time buyers and those stepping onto the property ladder but we also believe that joint borrower sole proprietor has many other applications which make it an appealing feature for families in differing circumstances.”
“Family is important, and where possible family members want to help each other. By launching JBSP we’re supporting this societal norm and providing another vehicle for the generations to pool resources in a way that goes beyond simply ‘gifting’ money.”
