"It’s not only first-time buyers who need help, but also older family members with reduced income and those whose income doesn’t support the mortgage they need"
The new addition to its Family Assist mortgage range allows both older family members to help out younger ones and younger members to help out their elderly relatives.
The range is available for residential purchases and remortgages where the proprietors’ income is insufficient to cover the mortgage without the assistance of joint borrower(s) who live independently from the mortgaged property. Affordability will be assessed taking into account income and commitments of all named parties.
As all parties will be responsible for the mortgage payments, there is no requirement for the proprietor to be able to take on the mortgage alone until it’s affordable. This allows for a mortgage term of potentially up to 35 years, rather than be restricted at the outset.
Ashley Pearson, BDM at Loughborough Building Society, said: I’m really glad to be able to offer joint borrower sole proprietor to all ages, it’s not only first-time buyers who need help, but also older family members with reduced income and those whose income doesn’t support the mortgage they need regardless what age – if they have family members who are willing and able, it’s a great solution."
