What does this mean for brokers?
Applications will run through both broker and direct channels, with borrowers required to receive specialist mortgage advice before applying. Both the main borrower and the joint borrower go through enhanced affordability assessments, reflecting a wider industry shift toward loan structures that combine incomes rather than relying on a single applicant’s earnings – a trend also visible in NatWest’s recently launched Family-Backed Mortgage for first-time buyers.
The launch adds to a growing list of lenders expanding JBSP eligibility and flexibility, though the structure isn’t without its critics. Some brokers have raised concerns about how well joint borrowers understand the scale of commitment involved, as explored in a broker’s recent call for a rethink of JBSP lending. For intermediaries, that makes the specialist advice requirement built into Metro Bank’s process a key point to flag to clients on both sides of the arrangement.
Charles Morley (pictured top), director of mortgage distribution at Metro Bank, said: “For many first-time buyers today, getting on the property ladder can feel impossible, and family members often want to do anything they can to help. Acting as a Joint Borrower provides a way for immediate family to be that support without watering down the ownership of the property or being asked to provide a deposit. At Metro Bank we understand the importance of lending responsibly while continuing to be innovative and challenging, and we’ve carefully developed our mortgage product with this in mind.”
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