Hinckley & Rugby offering joint borrower and sole proprietor mortgages

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Hinckley & Rugby for Intermediaries is the latest lender to accept joint borrower and sole proprietor mortgage applications.

The niche piece of acceptance criteria enables parents to help a son or daughter buy a home without going onto the title deeds. 

The parent's salary is used to support the application by boosting the buyer's income. Applicants will need a 5% deposit for a residential mortgage or a 25% deposit for buy-to-let. 

This is increasingly being used as an alternative to guarantor mortgages, where parents often have to earn enough money to pay for their own mortgage and credit commitments. Another bank offers joint mortgages when the parent takes a 1% share of the property and the child has the remaining 99%.

Hinckley’s head of intermediary mortgage sales Carolyn Thornley-Yates said: “The joint borrower sole proprietor mortgage can be very well suited for parents who already own their home to help a son or daughter onto the property ladder.”

The lender has a choice of fixed and tracker rate mortgages.

To secure a joint borrower and sole proprietor mortgage, call Trinity on 020 7016 0790.

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