Family Building Society has introduced a new fee-free mortgage product range and increased loan-to-value limits for its joint borrower sole proprietor (JBSP) offering.

Effective today (24 April), the lender has cut rates across its owner-occupier and expatriate buy-to-let ranges while launching new JBSP products with up to 90% LTV for loans of up to £500,000.

The changes include a 10 basis point reduction to its five-year fixed rate repayment and interest-only mortgages for owner occupiers, and a 15 basis point cut to the two-year fixed interest-only product. For expatriate landlords, the society has lowered its five-year fixed rate by 20 basis points.

In a further move aimed at easing costs for borrowers, all repayment JBSP products will be offered without application or product fees for a limited period.

Darren Deacon, head of intermediary sales, said the enhancements come at a crucial time for borrowers and advisers. “The introduction of these lower priced and fee free products will give a real boost to borrowers and intermediaries alike in the face of a potentially challenging market as it absorbs the reintroduction of the lower stamp duty thresholds and the ongoing economic uncertainty,” he said.

He added that the increase to 90% LTV on the new two- and five-year JBSP options would support families looking to help first-time buyers and second steppers onto the property ladder. “I am also sure intermediaries will welcome the significant reduction in our ex-pat buy-to-let five-year rates which will enable them to help even more of their buy-to-let clients.”

The new JBSP range targets a growing cohort of buyers who are turning to family members for support. By allowing income from a parent or relative to be considered without transferring legal ownership of the property, JBSP mortgages have become a popular solution for affordability-challenged buyers, especially in high-value areas.