Specialist lender Market Harborough Building Society (MHBS) has launched a range of mortgages for members of a family or friends to jointly buy a property.
The product has been launched in response to broker feedback and the mutual used its experience with providing products for multiple applicants to develop the offering.
Up to four applicants can be accepted on the mortgage and they do not need to be related.
The mutual will lend to people up to the age of 85 and the maximum loan to value (LTV) available is 75 per cent. Interest-only payment structures are available and complex properties will be considered.
Rates start from 5.04 per cent for a three-year discount product.
The two-year fix has a rate of 5.44 per cent, the three-year fix has a rate of 5.24 per cent and the five-year fix is priced at 5.44 per cent.
Richard Saunders, head of sales at MHBS, said: “An increasing number of people are reaping the benefits of communal living and our new range meets the growing demand for flexible products that can be tailored to the needs of multiple applicants.
“Whether it’s a group of friends pooling their resources or extended family providing care and companionship for one another, we will work with intermediaries to find practical solutions for each individual enquiry. We also lend on property types that are well-suited to multi-generational living such as multiple units and those with annexes.
“At MHBS, every case is assessed by a real person and with our common-sense approach to decision making, we can often help with complex scenarios other lenders can’t.”
Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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