Offering this as an option to our competitively priced range of mortgages is very much in tune with our personalised approach to applications.

Hinckley & Rugby Building Society is now offering joint borrower sole proprietor mortgages in its residential and buy-to-let ranges.

The arrangement is designed to enable, for example, parents to help their child to buy a home with the only charge being on the property purchased.

The buyer’s income is boosted by that of parents or a guardian as part of the application but without adding them to the title deeds and with no need for any savings to be lodged with the Society as security.

It is available at up to 95% LTV for residential purchases and up to 75% for buy-to-let.

The Society’s head of intermediary sales Carolyn Thornley-Yates, said: “The joint borrower sole proprietor mortgage can be very well suited for parents who already own their home to help a son or daughter onto the property ladder.

“Offering this as an option to our competitively priced range of mortgages is very much in tune with our personalised approach to applications. We always look at such applications in the round and make an individual decision based on all the circumstances.”

Coventry Building Society recently withdrew a similar ‘Step-Up’ mortgage facility amid fears that first time buyers’ family members could be exposed to the new 3% stamp duty tax.

The deal had allowed borrowers to add a family member’s income to their application, but required them to be put on the title deeds alongside the main buyer.