Buckinghamshire BS launches 'reverse JBSP' mortgage
Buckinghamshire Building Society has launched a new 'reverse' joint borrower sole proprietor mortgage to help children who want to support their parents and/or grandparents to remain in their home.
"We are pleased to be able to offer a flexible lending solution, in order to help those coming to the end of their interest-only mortgages remain in their properties."
'Parents Supported By Juniors' can provide housing security for older borrowers. There is no maximum age limits and the term can be based on the younger applicant's retirement age.
The property remains in the name of the parents/grandparents and the children are joint borrowers but not on the title deeds, therefore there is no stamp duty payable by the children for a second home.
Tim Vigeon, head of lending, commented: “We are pleased to be able to offer a flexible lending solution, in order to help those coming to the end of their interest-only mortgages remain in their properties.
"This is another example of how Buckinghamshire Building Society’s human and bespoke approach to underwriting supports those in challenging situations.”
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