90% LTV JBSP mortgage, relaunched by Hinckley & Rugby Building Society

To help the younger borrowers who cannot afford the total loan based on income and/or circumstances this product lets older people put their name on a mortgage.

A reverse joint borrower sole proprietor mortgages is also offered by the society, which allow younger people to support older buyers who are retired or close to retiring. 

Its 90% loan to value (LTV) mortgages come with a five-year fixed rate of 3.69%, a two-year fix of 3.49%, or a two-year discounted rate of 3.19%.

Split-term loans are available. These let younger borrowers repay a section of their loan over a longer term, while the older borrower supports the short-fall in payments over a shorter term.

These arrangements work well with JBSP products, because they help to minimise monthly payments making the mortgage more affordable, the mutual said.

“We’re so pleased to introduce our joint borrower sole proprietor loans at 90% LTV,” said Emily Smith, national account manager at Hinckley & Rugby Building Society.

“These products have been extremely popular in the past, enabling borrowers with 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,” Smith added.

The society lets four applicants sign for a joint borrower sole proprietor loan – with all four incomes considered.