Tipton & Coseley Building Society launches Joint Borrower Sole Proprietorship

Tipton & Coseley Building Society has launched Joint Borrower Sole Proprietorship (JBSP) for first-time buyers and home movers. The launch is designed to help family members assist each other on to the property ladder or move home, by boosting their affordability.

A JBSP mortgage removes the stamp duty trigger by not requiring the parent or family member to be named on the deeds. This helps lessen the financial pressure on parents who want to help their children on to the property ladder, or relatives who want to help a family member move home.

This latest development follows a series of new and innovative lending capabilities announced by the Tipton, including a later life lending range, RIOs, lending on retirement properties and a second homes mortgage that accepts Airbnb letting.

Standard lending criteria for Tipton’s JBSP applies and there is no requirement for additional security. Affordability is assessed using joint household costs as detailed. Additional outgoings such as mortgage or rent payments plus any other ongoing commitments will also be included for all applicants.

Cammy Amaira, Director of Sales and Marketing at Tipton & Coseley said:

‘Our recent broker research identified that families need more options when looking to help children and relatives buy a property. Tipton’s Joint Borrower Sole Proprietorship is a viable option for family members who want to boost their relatives’ affordability. The assisting family member is not named on the deeds and therefore avoids the stamp duty normally incurred when purchasing an additional property’.

For more information on our JBSP please contact our intermediary help desk on 0121 521 4000 or email newbusiness@thetipton.co.uk