Hinckley & Rugby Building Society has merged its joint borrower sole proprietor (JBSP) and standard product ranges into a single core range.
The mutual said the “strategic move” to merge its JBSP and standard range will “enhance clarity for brokers and provide more flexibility for borrowers”.
The relaunch includes six mortgage products designed for first-time buyers. This includes its two-year fixed rate at 80% loan to value (LTV) at 6.05%. At 90% LTV, the deal is priced at 6.25%.
There is also a five-year fixed rate at 5.8% at 80% LTV and 5.95% at 90% LTV.
The firm has also brought out a two-year discount at 80% LTV with an initial rate of 5.45%. At 90% LTV, there is an initial rate of 5.65%.
Hinckley & Rugby Building Society will offer tailored terms, which allows multiple applicants to share mortgage costs over different time frames, which is ideal for JBSP mortgages with a “significant age gap”.
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The feature allows younger applicants to spread repayments over the maximum term, while older borrowers improve affordability over a shorter period. It is available at no extra cost.
Hinckley & Rugby Building Society said key highlights of the range include “greater flexibility for JBSP arrangements, allowing borrowers to receive financial support from both family and friends, making homeownership more accessible”.
Laura Sneddon (pictured), head of mortgage sales and distribution at Hinckley & Rugby Building Society, said: “Bringing JBSP into our core mortgage range is all about making things simpler and more accessible for brokers and their clients. It means fewer product silos and a more streamlined way to match borrowers with the right solution – whether that’s first-time buyers, those needing financial support from family or friends, or clients who need a more flexible approach to lending.
“This change reflects the way we’ve always adapted to better serve borrowers, much like when we integrated later life lending into our core offering. By keeping things straightforward, brokers can focus on what they do best – advising clients on their homeownership journey.”
