Integration applies to products up to 90% LTV
Buckinghamshire Building Society has integrated its joint borrower sole proprietor (JBSP) facility into its prime product range, eliminating the standalone JBSP product range.
The mutual said the integration applies to mortgage products up to 90% loan-to-value (LTV) for both purchase and remortgage purposes.
The change also means that most of the building society’s prime mortgage products now include the JBSP option, increasing availability and access to a broader range of borrowers. Applicants can also benefit from desktop valuations up to 75% LTV.
Buckinghamshire Building Society will also consider JBSP applicants based on standard credit criteria, accepting debt management plans if none have been registered in the past three years.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, stated the change was prompted by changing borrowing demands and the need for adaptable solutions.
“As a society, it’s vital to consistently review our lending proposition in line with ever-shifting borrowing demands and deliver flexible, appropriate and responsible solutions for potential and existing borrowers whose circumstances can change at any given time,” she said.
“A key factor which led to removing our dedicated JBSP products and allowing JBSP applications across the vast majority of our prime range is growing demand from first-time buyers and those existing homeowners whose personal circumstances may have changed. For example, through relationship breakdowns or bereavement.
“Extending this facility to make it more accessible and easily attainable for the right type of borrower is a win-win situation for everyone. And we hope our intermediary partners will seize this opportunity to meet a wider range of client needs.”
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