New 90% LTV and larger loans help brokers boost first-time buyers and support family-backed cases
This article was produced in partnership with Family Building Society
In an increasingly squeezed market where would-be homebuyers struggle under the dual pressures of soaring rents and stubbornly high property prices, Family Building Society has launched a powerful lifeline: a 90% loan-to-value (LTV) offering under its Joint Borrower Sole Proprietor (JBSP) range for loans up to £500k. They’ve also increased the maximum loan size to £1 million (with max LTV of 75%).
For Amar Mashru (pictured left) and Arif Kara (pictured right), both business development managers with the lender, this is more than an expanded offering. It's a deliberate, heartfelt strategy to meet the evolving needs of both brokers and borrowers at a time where every supportive effort counts.
Expanded flexibility, wider horizons
“With the market today, it's quite tough,” said Mashru. “We see many people struggling for savings and deposits, especially with the rising cost of living. The introduction of 90% LTV is really aimed at those clients.”
He explained that rather than continually pouring money into escalating rents, potential buyers now have a chance to pivot into ownership — and will now need a smaller deposit thanks to Family Building Society’s new offering.
It makes sense for people to get on the property ladder now, Kara agreed, and he predicts products like JBSP will become increasingly popular. That’s because recent market research shows that in the UK, the average house price is still eight-and-a-half times an average person's salary. Lending that amount isn’t feasible, however, “the Bank of Family can jump on board to support these borrowers in their affordability,” Kara said.
“We can have up to four family members on a JBSP application — and on our normal core range as well — and use all four incomes towards affordability.”
Marrying Family Building Society’s famously flexible criteria — like lending up to age 95 — with the newly expanded LTV and the ability to lean on others for support, Mashru summed it up neatly: “It’s a win-win for both clients and us as a society, because we’re supporting the UK housing market and getting people onto the property ladder — our driving mission.”
Listening to brokers — and acting fast
These changes aren’t occurring in a vacuum: they’re the result of Family Building Society’s commitment to constant iteration of the products they offer. The recent expansions join a line of improvements to the JBSP suite, including last year’s widened eligibility for applications to include extended family members.
In large part, Family Building Society’s success stems from listening closely to broker feedback and the 2024 change was made following “a big call from the broker community to enhance our JBSP criteria,” recalled Mashru. The move unlocked huge demand.
“Having brothers, sisters, grandparents, aunts, uncles able to support — it definitely widened the scope and opened the doors to a significant amount more inquiries,” he added.
Another standout offering is Family Building Society’s innovative reverse JBSP, designed to help older borrowers stay in their homes, supported by younger relatives. Once again, in the throes of the cost-of-living crisis where a lot of mainstream lenders are struggling to do longer terms for clients, Family Building Society is able to step in with a solution.
From divorce to bereavement, Mashru has seen first-hand how reverse JBSP has changed lives.
“My phone rang and the client on the other end was in tears," he recalled of one case. “She thought she would have to move out of her property, but we were able to help. That's powerful stuff.”
Support, resources — and a human touch
A hands-on approach, an earnest responsiveness, and a willingness to adapt define Family Building Society’s ethos and forms the core of its lending. Importantly, the team is all-in on a common-sense approach to every case. This is supported by manual underwriting, which enables Family Building Society to offer more nuanced decisions that consider a person’s full financial picture rather than applying a narrow affordability formula.
And instead of brokers tackling faceless systems solo, Mashru and Kara can vouch for the fact that they and their fellow BDMs at Family Building Society are much more collaborative than the status quo. From reviewing credit files, assessing incomes, and liaising with underwriting to providing available rates, assessing affordability, and often securing agreements in principle (AIPs), the BDM “takes the burden off the broker,” Kara said.
“We do the legwork here to ensure the process is as seamless as possible, and that we’re able to help as much as possible, because as a society we want to grow,” he noted, adding that his call to action for brokers is two-pronged: think outside the box and call your BDM.
“Never assume you can’t help someone — if you've got a first-time buyer who can’t quite afford it, ask about their parents, grandparents, siblings, aunts, uncles. Rather than increasing the deposit, we can maybe use relatives' income to help. If you want to know our grey areas where policy can be stretched a bit, pick up the phone. There’s a lot of experience and expertise at the other end of the line.”
