Bank of Ireland for Intermediaries has widened its Joint Borrower Sole Proprietor (JBSP) mortgage proposition, extending eligibility to remortgage customers and increasing the maximum loan size to £1.5 million.
The changes are designed to broaden access to the lender’s JBSP offering and support borrowers with a wider range of homeownership and refinancing needs.
Under the revised criteria, the proposition is now available for remortgage applications, enabling homeowners to raise funds for home improvements or refinance following changes in personal circumstances, including separation or divorce.
Other changes include increasing the maximum loan size to £1.5 million, lowering the minimum age for the main applicant to 18 with the option to consider student applications, and extending the maximum sponsor age to 80 for repayment mortgages.
The lender has also introduced interest-only and part interest-only, part repayment options within the proposition.
Borrowers will still need to meet a range of eligibility requirements, including minimum income criteria for both the main applicant and the sponsor.
Rhys Powell, interim head of distribution at Bank of Ireland for Intermediaries, said: “We know that the route to homeownership can look different for everyone, which is why it’s important that we offer mortgage solutions that reflect the realities of modern family life.
“The demand for this type of support is clear, with Joint Borrower Sole Proprietor enquiries identified as the most searched criteria topic in Twenty7tec’s latest Mortgage Market Snapshot. That reinforces what we’re hearing from customers and intermediary partners alike, that flexible solutions are increasingly important in helping people achieve their homeownership ambitions.
“Whether that’s helping a first-time buyer get onto the property ladder, supporting affordability, or making it easier for family members to downsize while continuing to support loved ones, these changes provide greater flexibility for a wider range of circumstances.
“We’re consistently looking at ways to make things better for customers and our intermediary partners. These enhancements reflect our ongoing investment in improving our products and services to help more people achieve their homeownership ambitions.”
