Hinckley & Rugby Building Society has re-entered the 95% Joint Borrower Sole Proprietor (JBSP) market, launching two, fixed rate mortgages which come with a free valuation and a competitive £199 product fee.
The new products are a two year fixed rate mortgage at 3.39% and a five year fixed rate mortgage at 3.79%, which are both available up to 95% LTV. The Society hopes the products will provide more flexible options for borrowers who are looking to buy their first home, in a landscape where house prices are increasing and affordability can be a challenge.
JBSP is a popular niche for the Society and allows a family member to be named on the mortgage but not on the property title deeds, removing the barrier which affordability can present.
On the launch of the new products, Chris Holmes, Products & Proposition Manager at Hinckley & Rugby Building Society, says:
“We have seen strong demand for higher LTV mortgages in recent months and, at the same time, house prices continue to rise which is impacting borrower affordability. Our JBSP products are designed to help borrowers get into the property market with help from a family member, and we think that launching them at 95% LTV will make it easier for borrowers to get onto, or take that next step up, the property ladder.”
Does this sound like something which could help your clients? Then find out more by speaking to Hinckley & Rugby for Intermediaries’ Business Development Team on live chat or by emailing firstname.lastname@example.org. Please note, criteria restrictions apply on these products.