Joint Borrower, Sole Proprietor (JBSP) mortgages are increasingly needed for people who are struggling to get on the property ladder. The newly launched JBSP mortgage from TFI, aimed at FTBs, is perfect for family support onto the property ladder.
Key highlights of our JBSP mortgage product…
- Parents and grandparents can join their child or grandchild on a mortgage by including their income in the affordability assessment
- Available under TFI standard mortgage range, and for those with more complicated income sources also under the TFI complex mortgage range (includes interest only solutions)
- Up to 80% LTV (70% where term age is past 70)
- Residential use
- Maximum loan size of £1.5m
- Open to borrowers from all professions
3 example scenarios where a JBSP mortgage could help your clients…
BANK OF MUM & DAD BOOSTS INCOME FOR NEWLY QUALIFIED TEACHER
The proprietor: Lucy is a newly qualified teacher with an entry level salary who needs a home in the vicinity of her new school.
The property: A new build property in an ideal location a short drive from her new teaching post.
The joint borrowers: Lucy’s dad is a GP and her mum is also a teacher. They know her salary will increase over the next few years. Mortgage free with no other financial dependents supporting their daughter is financially comfortable.
MASS AFFLUENT PARENTS FUND FIRST STEP ONTO LONDON PROPERTY LADDER
The proprietor: Annabelle, 22, has recently joined the graduate scheme of an Investment Bank in London.
The property: A two bedroom Victorian terraced house in Clapham for sale at £750k.
The joint borrowers: Annabelle’s father, 55, expects to work for a further 5 years in a senior accountancy role, when he will draw on a substantial pension. The family home in Surrey is mortgage free. Avoiding the tax implications of a second home.
HNW PARENTS FUND FULHAM FAILSAFE WHILE INFLUENCER SON SEEKS STARDOM
The proprietor: George, aged 28, describes himself as a social media ‘influencer’ although currently has no regular fixed income.
The property: A garden flat in Fulham where George can both live and work.
The joint borrowers: George’s HNW parents have significant wealth (a large portfolio is split across many different asset classes) but their income can be irregular. Their Hampstead home is valued at £5.5m, with an outstanding mortgage of just under £2m.
To discuss a case call the intermediary team on 0800 378669 or visit our website https://www.teachersbs.co.uk/intermediaries
