Revamped range features six new products
Hinckley & Rugby Building Society has restructured its mortgage range, merging its joint borrower sole proprietor (JBSP) and standard products into a single core offering.
The revised range introduces six mortgage products designed to support first-time buyers who require financial assistance from family or friends, as well as borrowers seeking enhanced affordability options and long-term lending solutions.
The new core mortgage products include two-year fixed rates at 6.05% for 80% loan-to-value (LTV) and 6.25% for 90% LTV. The two-year discount options offer 2.09% and 1.89% off Hinckley & Rugby’s standard variable rate (SVR) of 7.54%, resulting in initial rates of 5.45% and 5.65% for 80% and 90% LTV, respectively. Five-year fixed rate options are set at 5.80% for 80% LTV and 5.95% for 90% LTV.
A key aspect of the updated range is the increased flexibility for JBSP arrangements. Borrowers can receive financial assistance from both family and friends, making homeownership more accessible.
As part of the changes, Hinckley & Rugby is also rolling out Tailored Term, a feature allowing multiple applicants to contribute to mortgage repayments over different time frames. This is particularly useful for JBSP applicants with significant age differences, enabling younger borrowers to extend payments over a longer period while older applicants provide affordability support over a shorter term. Available across all mortgage products at no extra cost, the feature eliminates the need for separate, complex products.
The latest changes follow the building society’s previous integration of later life lending criteria into its core mortgage range.
“Bringing JBSP into our core mortgage range is all about making things simpler and more accessible for brokers and their clients,” said Laura Sneddon (pictured), head of mortgage sales and distribution at Hinckley & Rugby Building Society. “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.”
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