Vernon Building Society has launched a new Joint Borrower Sole Proprietor mortgage range aimed at buyers who need additional income support to access home ownership.
The mutual said the new range is designed for customers who struggle to meet affordability requirements on a single income, allowing up to four applicants’ incomes to be taken into account.
Under the structure, only the occupying borrowers are named as property owners, while all borrowers share responsibility for the mortgage repayments.
Non-occupying borrowers will typically be close family members, such as parents, siblings or adult children. All applicants must be aged over 18, with a minimum property valuation of £125,000.
The maximum mortgage term must not exceed retirement age or 75 for all borrowers. Vernon said split repayment terms are available, enabling different borrowers to have separate term lengths within the same mortgage.
The society is also offering a free valuation of up to £1,000 across the full JBSP range.
The products include a five-year fixed rate at 4.69% to 80% maximum loan to value with no fee, with a maximum loan size of £500,000. A second five-year fixed option is available at 5.09% to 90% loan to value, also with no fee, with a maximum loan of £450,000.
In addition, Vernon has introduced a two-year discount product at 4.69%, representing a 2.91% discount from its standard variable rate of 7.60%. This product is available to 80% loan to value with a £499 fee and a maximum loan of £500,000, and allows overpayments of up to 25% without early repayment charges, compared with the standard 10%.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “While house price growth has slowed, affordability remains a significant challenge for many buyers despite wage increases.
“Deposit requirements are still high, and price-to-income ratios remain well above historic norms, meaning family support is often an essential route to getting on the ladder.
“Our JBSP range is designed for these needs – allowing up to four incomes to be considered without complicating property ownership. It’s a practical solution for first-time buyers, those rebuilding after life changes, or anyone facing affordability constraints.
“With features like split repayment terms, enhanced overpayment options, and free valuations up to £1,000, these products give brokers the tools to help clients in a market that still demands flexibility.
“We remain committed to supporting complex cases and those underserved by mainstream lenders through individual underwriting and options for purchase or remortgage, including acceptance of gifted deposits.”
