"It’s a challenging time for first-time buyers, not only with rising house prices but current uncertainty in the housing market due to coronavirus."
The JBSP offering allows parents, step-parents and grandparents to include their income in the affordability assessment. Up to four applicants can be accepted on the mortgage and there is no required minimum income for the application. Relatives do not need to be on the title deeds or jointly own the property.
Principality currently offers a two-year fixed rate at 2.06% and a five-year fix at 2.08%, both available up to 80% LTV.
Helen Lewis, national account manager at Principality, said: “It’s a challenging time for first-time buyers, not only with rising house prices but current uncertainty in the housing market due to coronavirus.
"We’re pleased to respond to this by reintroducing the joint borrower sole proprietor offering, which will assist young borrowers wishing to get on the property ladder and support our valued brokers. This product offers additional support for new borrowers to overcome affordability issues and ensure they can get on the ladder as soon as possible.”
