The product lets older people put their name on a mortgage to help younger borrowers who cannot afford the total loan based on income and/or circumstances.
The society also offers reverse joint borrower sole proprietor mortgages, which allow younger people to support older buyers who are retired or close to retiring.
Its 90 per cent LTV mortgages come with a five-year fixed rate of 3.69 per cent, a two-year fix of 3.49 per cent, or a two-year discounted rate of 3.19 per cent.
Split-term loans are available. These let younger borrowers repay a section of their loan over a longer term, while the older borrower supports the short-fall in payments over a shorter term.
These arrangements work well with JBSP products, because they help to minimise monthly payments making the mortgage more affordable, the mutual said.
“We’re so pleased to introduce our joint borrower sole proprietor loans at 90 per cent LTV,” said Emily Smith, national account manager at Hinckley & Rugby Building Society (pictured).
“These products have been extremely popular in the past, enabling borrowers with smaller deposits and lower incomes to get on the housing ladder.
“Coupled with our split-term initiative, these products allow for more affordable repayments when adding an older relative to the loan,” Smith added.
The society lets four applicants sign for a joint borrower sole proprietor loan – with all four incomes considered.