Principality’s existing joint borrower sole proprietor mortgage allows a buyer to add a family member’s income to the mortgage to increase the amount they can borrow. Previously this has meant that only parents and grandparents can support in the application process, however, the building society will now be extending who can support in this important purchase, with spouses, siblings, children, grandchildren and legal guardians able to become joint borrowers. Up to four people can be named on the mortgage, in any combination of joint borrowers and sole proprietors, as long as the total mortgage debt is within their affordability.
With a joint borrower sole proprietor mortgage, the buyer is responsible for the monthly repayments, and whilst their family member will appear on the mortgage they won’t be on the property deeds. This can help someone who is struggling to get a mortgage on their own and means that when circumstances change and they can afford the mortgage without family support, they can ask Principality to remove the family members who helped them initially.
Vicky Wales, Chief Customer Officer at Principality Building Society, said: “We’re proud to be able to announce the update to this mortgage offering, following feedback from our members and brokers who wanted to see a wider group accepted as joint borrowers. This change will make it easier for someone buying their first home and who needs financial help from their family to make that first step on the housing ladder.”
