Hinckley & Rugby Building Society has relaunched its Joint Borrower Sole Proprietor product at 90% LTV.
Joint Borrower Sole Proprietor is a popular niche for the Society and allows older individuals to be named on a mortgage to assist younger borrowers who are unable to afford the total mortgage loan based on their income and circumstances. Hinckley & Rugby also offers what it calls ‘reverse Joint Borrower Sole Proprietor’ mortgages, considering younger borrowers helping older buyers who are already retired or heading towards retirement.
Products include a 5 year fixed at 3.69%, a 2 year fixed at 3.49% and a 2 year discount mortgage at 3.19%, all at 90% LTV.
Another specialist lending area which the Society offers is a split term loan, allowing younger borrowers to repay a section of the loan over a longer term, with the older borrower supporting the shortfall in payments over a smaller term. Split term loans work particularly well with Joint Borrower Sole Proprietor products and minimise the monthly payment of the loan, making a mortgage more affordable for the buyer.
Emily Smith, National Account Manager at Hinckley & Rugby Building Society says:
‘We are so pleased to have reintroduced our Joint Borrower Sole Proprietor 90% LTV products. These products have been extremely popular in the past and will enable borrowers who have smaller deposits and lower incomes to get on the housing ladder. Coupled with our split term initiative, these products allow for more affordable repayments when adding an older relative to the loan.’
Hinckley & Rugby Building Society allows four applicants on a Joint Borrower Sole Proprietor Mortgage with all incomes considered. Terms and conditions apply for certain products so for more information or if you would like to make an enquiry please fill out a contact form or use the live chat feature.