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Lending specialist Market Harborough Building Society (MHBS) has added a range of multi-generational mortgages to help groups of family and friends buy property together.
MHBS says it has used its experience providing solutions to multiple applicant cases to develop a new range in response to a growing number of requests from brokers.
Rates start at 5.04% for a three-year flat rate product, discounted up to 75% LTV, followed by a rate of 7.59% and an Early Repayment Commission (ERC) of 3% for three years; and first move to 5.44% for a five-year fixed term, then 7.59% and an ERC of 3% for three years and 4% for the fourth year.
Up to four applicants are accepted and family ties are not required. Unusual properties and compound income are taken into account, and solutions are available for the joint borrower and sole trader.
Offering LTV up to 75%, the Company provides loans for up to 85 years and, if necessary, provides solutions only at interest.
MHBS head of sales Richard Saunders says: “More people are enjoying the benefits of cohabitation and our new range responds to 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 an extended family caring and supporting each other, we will work with intermediaries to find practical solutions for every single request. We also rent out types of properties that are well-suited for multi-generational living, such as apartment buildings and homes with extensions.”
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