The new products allow up to four borrowers on the mortgage
Intermediary-only specialist lender Foundation Home Loans has announced that its residential mortgage brand, Residential by Foundation, has entered the joint borrower sole proprietor (JBSP) market with a new suite of two- and five-year fixed rate products.
The new products, available up to 85% loan-to-value (LTV) across F1 and F2 residential credit tiers, allow up to four borrowers on the mortgage, with up to two named on the property deed.
In the F1 credit tier, the two- and five-year fixed rate JBSP products are available up to 85% LTV, with a £795 fee and rates starting from 6.29%. For the F2 credit tier, two- and five-year fixed rate JBSP options are available up to 80% LTV. These also come with a £795 fee and rates starting from 6.39%.
The new JBSP range caters to both purchase and remortgage purposes, offering interest-only, capital repayment, and part and part repayment options. A wide range of family members can be considered as supporting borrowers.
“It's become increasingly evident just how much support first-time buyers require from family members as the struggle to raise a deposit and affordability hurdles represent ongoing concerns,” said Tom Jacob (pictured), director of product and marketing at Foundation Home Loans.
“JBSP is a product type that we’ve been closely assessing for a significant period of time and, through our recently launched residential brand, we are now better positioned to deliver a competitive solution backed by common sense underwriting and the highest service standards.
“As a lender, it’s vital to continue exploring how and where we can provide greater product choice and we hope the introduction of this new offering will provide a flexible option to help our intermediary partners meet ever-changing client demands in an increasingly complex borrowing environment.”
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