"Metro Bank’s enhancements today provide a more flexible approach, allowing godparents, cousins or even family friends to support loved ones onto the first or next rung of the property ladder."
- Charles Morley, director of mortgage distribution at Metro Bank
Metro Bank has expanded its criteria for its joint borrower sole proprietor (JBSP) mortgages to include non-relatives as well as direct family members.
This change widens the group that can now support people on to the property ladder, such as godparents or close family friends. For residential purchases, joint borrowers are now also permitted to reside in the property and can also now gift a deposit.
Metro Bank’s JBSP mortgage allows up to 95% LTV for purchases with up to four named applicants on the mortgage.
Charles Morley, director of mortgage distribution at Metro Bank, commented: “Joint borrower sole proprietor mortgages have long allowed parents and grandparents to help loved ones onto the property ladder.
"Metro Bank’s enhancements today provide a more flexible approach, allowing godparents, cousins or even family friends to support loved ones onto the first or next rung of the property ladder.”
