Applies to: Accord Residential New Business purchase (including new build properties)
More common-sense lending from Accord has arrived – it’s just what we do!
To help you help more clients, we’re pleased to now be able to offer you Joint Borrower Sole Proprietor (JBSP) mortgages.
Who’s it for?
With our new JBSP mortgages, if you have a client who needs extra income for affordability, they can now apply with an immediate family member as a non-owner borrower on their mortgage to help them achieve their home ownership aspirations.
How does it work?
Complete the mortgage application as usual, selecting the JBSP option under ‘Property Ownership Type’, and MSO will do the rest
What’s more, you can choose a product from our existing product range, including offset options
What else do you need to know?
- Maximum of 2 applicants – 1 owner and 1 non-owner borrower who are both responsible for the mortgage
- Immediate family only for non-owner borrower
- Minimum £20k income for the owner borrower
- Non-owner borrower’s household expenditure and debts will also need to be entered
- Independent Legal advice is required for the non-owner borrower as a condition of the mortgage offer
Excludes
- Cascade Score
- Boost LTI
- Interest Only
- Deposit Unlock
- All other standard criteria and affordability applies
Find out more about Joint Borrower Sole Proprietor here. To access our Consumer Duty Fair Value assessment for Joint Borrower Sole Proprietor mortgages please click here.
When is this change?
Your clients can benefit from this change immediately.