Hinckley & Rugby now offering split mortgages
February 16, 2020 by Brendan O'Neill
Lenders
Hinckley & Rugby Building Society has announced that it is set to split some of the mortgages it offers so that it can provide loans that are more closely customised to the needs of borrowers.
Parents who want to help their children to get onto the property ladder will be able to take advantage of options like the Joint Borrower Sole Proprietor loan. This lets them take on their share of the financial burden over a shorter time period, while they are still working and earning, while the child pays back their part of the loan over the longer term, as they will have decades of work ahead of them.
These new split payment options will be available for all the residential loans Hinckley & Rugby has on offer. This option could also prove to be extremely useful to borrowers who are hoping to retire once they have paid off their mortgage, as people who fall into this category will be able to choose loans with a part interest and part repayment split.
A mortgage of this kind would ensure that once they have met all of the repayments, only the interest would have to be covered by their retirement savings. Speaking to Mortgage Finance Gazette, Carolyn Thornley-Yates from Hinckley & Rugby said:
“We wanted to add the ability to split so we can help first-time buyers where the parent’s working income is needed for affordability.”
CeMAP mortgage advisor training teaches advisors to spot mortgage offers of this sort that can potentially benefit their clients.
Written by
Brendan O'Neill
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