Non-relatives can now support borrowers
Metro Bank has widened its eligibility criteria for joint borrower sole proprietor (JBSP) mortgages, now allowing non-relatives to co-sign on loans alongside direct family members.
The lender said the move aims to broaden the scope of support for individuals seeking to purchase property, enabling godparents, close family friends, and other non-relative connections to assist in property acquisitions.
In addition, the bank has established the possibility for joint borrowers to live in the purchased property and offer a deposit as a gift for residential purchases.
“Joint borrower sole proprietor mortgages have long allowed parents and grandparents to help loved ones onto the property ladder,” said Charles Morley (pictured), director of mortgage distribution at Metro Bank. “Our enhancements today provide a more flexible approach, allowing godparents, cousins or even family friends to support loved ones onto the first or next rung of the property ladder.”
Metro Bank’s JBSP mortgage scheme, which permits up to 95% loan-to-value on purchases, accommodates up to four applicants on a single mortgage, offering an opportunity for buyers to secure property with the backing of multiple parties.
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