The Mansfield Building Society has introduced Joint Borrower Sole Proprietor across its prime residential and buy-to-let mortgage range together with extending its maximum mortgage term to 40 years in its latest round of criteria updates.

Joint Borrower Sole Proprietor (JBSP) mortgages are for borrowers who have a close family member who is happy to contribute to the mortgage but doesn’t appear on the title deeds. JBSP mortgages are typically used to support affordability where payments would otherwise be out of reach.

Whilst JBSP is primarily designed to help affordability, it also provides a tax efficient way for existing home owners to help their nearest and dearest without being saddled with a large tax bill.

JBSP residential applicants with the Mansfield are expected to have a career path which should enable them to be able to afford the loan in their own right in the non-too-distant future.

All JBSP applicants will benefit from the Society’s flexible underwriting approach, including lending up to age 85 on a capital repayment or interest only basis, or even part and part.

Paul Lewis, the Mansfield’s national development manager, 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.”