Mansfield adds JBSP residential and buy-to-let range
Mansfield Building Society has added joint borrower sole proprietor (JBSP) across its prime residential and buy-to-let mortgage range.
In addition it has extended its maximum mortgage term to 40-years in its latest round of criteria updates.
JBSP mortgages are typically used to support affordability where payments would otherwise be out of reach.
Paul Lewis, national development manager at the Mansfield, said: “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 four 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.”