Principality Building Society has launched a range of residential mortgage products which allow parents, step-parents and grandparents to join their child or grandchild on their mortgage.
The Joint Borrower Sole Proprietor residential products will accept parents, step-parents and grandparents income in the affordability assessment – without needing to be on the title deeds and jointly owning the property. Available for purchase applications only, the products also offer a loan-to-value of up to 90%, with the lowest interest rate at 2.65%.
Up to four applicants can be accepted on the mortgage, utilising all four incomes on the affordability assessment. There isn’t a required minimum income for the application and an exit strategy isn’t needed.
Helen Lewis, National Account Manager at Principality Building Society, said:
“We are delighted to be offering this deal to our brokers. Our flexible criteria and approach to underwriting will help younger borrowers get onto the property ladder with the assistance of their families.”