Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Bank of Ireland Expands JBSP Remortgage Options
Bank of Ireland has launched Joint Borrower Sole Proprietor (JBSP) options for remortgage customers. The lender has introduced these changes to allow borrowers to use JBSP to help fund renovations or to refinance following changes in family circumstances, such as separation or divorce.
To access the new JBSP products, borrowers must meet a number of strict conditions, including minimum income requirements for both the main applicant and the sponsor. The bank has also increased the maximum loan size to £1.5 million. The minimum age for the main applicant is now set at 18, and students will be considered in some circumstances.
Additional product enhancements include the availability of interest-only and part-and-part mortgage options. These changes are designed to provide greater flexibility for a wider range of customer circumstances.
For letting agents and inventory clerks, these updates may be relevant for clients considering refinancing or funding property renovations, particularly in cases involving family changes or younger applicants.
Source: Mortgage Strategy