Hinckley & Rugby Building Society has launched joint borrower sole proprietor mortgages in its tailored range of residential and buy-to-let products.
The deal could be used by parents to help a son or daughter to buy a home, with the only charge being on the property being purchased.
It is available at up to 95 per cent loan to value for residential purchases and up to 75 per cent for buy-to-lets.
Carolyn Thornley-Yates, the society’s head of intermediary sales, said: “The joint borrower sole proprietor mortgage can be very well suited for parents who already own their home to help a son or daughter onto the property ladder.
“Offering this as an option to our competitively priced range of mortgages is very much in tune with our personalised approach to applications.
“We always look at such applications in the round and make an individual decision based on all the circumstances.”
The buyer’s income is boosted by that of parents or a guardian as part of the application but without adding them to the title deeds and with no need for any savings to be lodged with the society as security.
Hinckley & Rugby’s tailored range includes a residential 95 per cent mortgage with a two-year or five-year fix at 5.59 per cent and a buy-to-let 75 per cent deal with a 2.74 per cent rate.
