Bank of Ireland has launched Joint Borrower Sole Proprietor (JBSP) options for customers refinancing their mortgages.
The lender has made the change so that borrowers can take advantage of it JBSP to help finance renovations or refinancing following changes in family circumstances, such as separation or divorce.
To access the JBSP products, borrowers will have to meet a number of strict conditions, with minimum income requirements for both the main applicant and the sponsor.
Further improvements include increasing the maximum loan size to £1.5 million.
The minimum age of the main applicant is now 18 years and under certain circumstances students will also be taken into account.
Interest-only and share-share options are also available.
Rhys Powell, interim head of distribution at Bank of Ireland for Intermediaries, said: “We know the route to home ownership can look different for everyone, which is why it’s important that we offer mortgage solutions that reflect the realities of modern family life.
“The demand for this type of support is clear, with JBSP research identified as the most searched criteria topic in Twenty7tec’s latest Mortgage Market Snapshot.
“This reinforces what we hear from both customers and intermediary partners, that flexible solutions are becoming increasingly important to help people achieve their homeownership ambitions.
“Whether it’s helping a first-time buyer get onto the property ladder, supporting affordability, or making it easier for family members to downsize while continuing to support loved ones, these changes provide greater flexibility for a wider range of circumstances.”