Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Just Mortgages and April Mortgages Launch 100% LTV JBSP Mortgage

Just Mortgages and April Mortgages have introduced a new joint borrower sole proprietor (JBSP) mortgage product, offering up to 100% loan-to-value (LTV) lending. The product is designed to help first-time buyers access homeownership and is available through Just Mortgages and a limited number of intermediary firms as part of an initial pilot.

The JBSP+ mortgage allows up to four applicants on a single mortgage, with as many as three supporters able to contribute their income towards affordability calculations. Despite multiple incomes being considered, ownership of the property remains solely with the buyer. Supporters do not need to live in the same household as the buyer, enabling family members, partners, or friends to assist applicants who may otherwise struggle to meet affordability requirements.

The mortgage is available on 10- and 15-year fixed rate terms and offers up to 100% LTV. Borrowers also have access to features from April Mortgages, including no early repayment charges when moving home or repaying from their own funds, automatic rate reductions as LTV improves, and unlimited overpayments.

This launch comes as affordability pressures continue for first-time buyers. The product aims to provide greater flexibility for buyers who need support to meet affordability requirements, without changing the ownership structure of the property.

For letting agents and inventory clerks, the introduction of this mortgage product may impact the profile of first-time buyers entering the market, as more individuals may be able to access homeownership with the support of family or friends. The product's structure, which allows supporters to contribute income without being added to the property deeds, could also influence tenancy arrangements and property management considerations.