Metro Bank offers JBSP mortgage over 95% LTV
Metro Bank has launched a joint borrower sole proprietor (JBSP) mortgage, allowing first-time buyers to borrow up to 100% loan to value (LTV) with the support of an immediate family member.
The mortgage allows applicants to borrow over 95% LTV, up to 100% LTV of the property’s purchase price.
Both the borrower and joint borrower must pass enhanced affordability checks and be subject to specialist mortgage advice, either directly through the bank or via a broker.
Sales of 100% mortgages are on the rise, with multiple launches of 95%-plus LTV deals this year, including from Santander and Melton Building Society.
Sales totalled 574 in the first three quarters of last year, hitting a five-year high.
Charles Morley, director of mortgage distribution at Metro Bank, commented: “For many first-time buyers today, getting on the property ladder can feel impossible, and family members often want to do anything they can to help. Acting as a joint borrower provides a way for immediate family to be that support without watering down the ownership of the property or being asked to provide a deposit.
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“At Metro Bank, we understand the importance of lending responsibly while continuing to be innovative and challenging, and we’ve carefully developed our mortgage product with this in mind.”
