Specialist lender, Market Harborough Building Society (MHBS), has introduced a range of multi-generation mortgages suitable for groups of family and friends to jointly buy a property.
In response to a growing number of broker enquiries, MHBS says it has used its experience of providing solutions for multiple applicant cases to develop the new range specifically aimed at multi-generation scenarios.
To maximise affordability, up to four applicants are accepted and no family connection is required. MHBS offers competitive rates and is experienced in tailoring products for out-of-the-ordinary client scenarios. 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.
Richard Saunders (pictured), 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.”