Mansfield extends criteria to include Joint Borrower Sole Proprietor and 40 year term

05 September 2019

Mansfield Building Society has added Joint Borrower Sole Proprietor across its prime residential and buy to let mortgage range together with extending its maximum mortgage term to 40 years in its latest round of criteria updates.

Joint Borrower Sole Proprietor (JBSP) mortgages have become increasingly popular for individuals who are lucky enough to have the financial support of a close family member who is happy to contribute to the mortgage but doesn’t appear on the title deeds. JBSP mortgages are typically used to support affordability where payments would otherwise be out of reach.

Whilst JBSP is primarily designed to help affordability, it also provides a tax efficient way for existing home owners to help their nearest and dearest without being saddled with a large tax bill.

JBSP residential applicants with The Mansfield are expected to have a career path which should enable them to be able to afford the loan in their own right in the non-too-distant future.

All JBSP applicants will benefit from the Society’s flexible underwriting approach, including lending up to age 85 on a capital repayment or interest only basis, or even part and part.

National Development Manager, Paul Lewis, said the Society was going further to help more people realise their ambition of home ownership: “We feel that this product is ideally suited to young professionals on a fast track career path who will see their earning capacity increase quickly.

Together with increasing our maximum term to 40 years, we’re proud to be improving our range of options for first time buyers which already includes Family Assist, Guarantor and ‘Mates’ mortgages where up to 4 individuals can be included on a mortgage application.

We also think our Joint Borrower Sole Proprietor proposition will work well in the buy to let space where applicants might be able to take advantage of the tax treatment. We would encourage brokers to come and talk to us about the ways our versatile approach to residential and buy to let lending can help their clients.”