Hinckley & Rugby Building Society has announced the launch of four joint borrower sole proprietor mortgage offers.
The products consist of a 95 per cent LTV two-year fix at 3.49 per cent, a 90 per cent LTV two-year fixed offer at 2.69 per cent, a 95 per cent LTV five-year fixed offering at 3.89 per cent and a 90 per cent LTV five-year fix at 3.19 per cent.
The two-year offers have an ERC at 2 per cent, while the five-year products’ ERC declines year-on-year from 5 per cent in the first year to 1 per cent in the last year.
All four mortgages are fee free and include free property assessments for homes valued up to £1m.
The prospective borrower’s income is boosted by that of the joint borrower’s as part of the application but does not add them to the title deeds.
Hinckley & Rugby Building Society head of sales and marketing Carolyn Thornley-Yates comments: “As well as parents helping sons and daughters, we will also consider non-family members as joint borrowers.
“Our manually underwritten processing and absence of any maximum age at term-end brings a joint borrower sole proprietor mortgage within the reach of many families and friends.”