Mortgages for families and friends added by Market Harborough – Mortgage Finance Gazette
Specialist lender Market Harborough Building Society (MHBS) has added a range of multi-generation mortgages that will assist groups of family and friends to jointly buy a property.
MHBS says it used its experience of providing solutions for multiple applicant cases to develop the new range, in response to a growing number of broker enquiries.
Rates start at 5.04% for a three-year discounted fixed rate product up to 75% LTV with a follow on rate of 7.59%, with an early repayment charge (ERC) of 3% for three years; and go to 5.44% for a five year fix initially, with a follow on rate of 7.59% and an ERC of 3% for three years and 4% on year four.
Up to four applicants are accepted and no family connection is required. Unusual properties and complex income are considered, and joint borrower, sole ownership solutions are available.
Offering an LTV of up to 75%, the Society lends to the age of 85 and provides interest only solutions if required.
MHBS head of sales Richard Saunders says: “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.”