Hinckley & Rugby Building Society has struck a deal with Paradigm Mortgage Services that will see the lender offer its tailored mortgages through the mortgage club’s lending panel.
Specialist areas the building society covers, and products for which will now be available to the club’s directly authorised brokers, include interest-only downsizing with no minimum income; minor credit blips; buy-to-let rental shortfalls supported by personal income; joint borrower sole proprietors to 95 per cent LTV; and new build houses and flats to 90 per cent LTV, according to Hinckley and Rugby.
In addition, there is no maximum age on application or term end for residential and BTL products. As well as this, the building society offers manual underwriting and does not credit score, it adds.
Hinckley and Rugby for Intermediaries national account manager Emily Smith (pictured) comments: “We have been on Paradigm’s panel for a while but now both want to take this relationship to the next level.
“Paradigm is a large and we believe our points of difference in the market are ideally suited to those cases where careful consideration of the circumstances will mean we will choose to lend to Paradigm members’ clients when other lenders would decline.”
Paradigm head of mortgages John Coffield adds: “Having worked with the team at Hinckley & Rugby for some time, we are aware of borrower niches which are becoming more important in today’s marketplace.
“Advisers want to work with lenders able to consider borrower circumstances outside the ‘mainstream’ and, as a mortgage distributor, it is vitally important we can work with these businesses and provide a bridge between them and our members.