View more on these topics

Hinckley & Rugby launches residential interest-only option

House-Home-Property-Ladder-Mortgage-700x450.jpg

Hinckley & Rugby Building Society offering residential borrowers an interest-only payment option.

The option’s maximum LTV is 60 per cent for pure interest-only loans and up to 80 per cent LTV for a part interest-only and part repayment combination.

There is no minimum income requirement and the only accepted repayment vehicle is the sale of other property in England or Wales.

Hinckley & Rugby head of intermediary sales Carolyn Thornley-Yates says: “For borrowers who already have sufficient equity in an existing property, taking out a Hinckley & Rugby mortgage is now possible on an interest-only basis.

“Our manual underwriting enables us to assess each application for any of our mortgages on an individual approach, and that will also be true of interest-only applicants.

“Interest-only will be attractive for those buyers who meet our requirements of a repayment strategy.”

Recommended

Franklin_Colin_Hinckley_2015

Hinckley & Rugby BS brings in Colin Franklin as a non-exec

Hinckley & Rugby Building Society has brought in Colin Franklin as a non-executive director. Franklin, who has worked in building societies for the past 42 years, was most recently interim chief executive of Coventry Building Society before leaving the mutual in December. He was on gardening leave until mid-June. Hinckley chief executive Chris White says: […]

Money-Notes-Currency-GBP-Pounds-700.jpg

Hinckley & Rugby and Nottingham grow lending

Hinckley & Rugby and Nottingham building societies increased their lending in 2014. Nottingham grew its lending by 2 per cent, from £693m in 2013 to £706m last year, while Hinckley increased its lending by 8 per cent over the period, from £103.7m to £111.9m. Both building societies also increased their profits. Hinckley saw profits rise […]

1

Your Views: Property 118 deserves brokers’ support

Property 118 has saved brokers from being sued; it deserves your support I think it is very much in the interests of the industry that Property 118 members are prepared to fight for their rights and hold mortgage lenders to account. The actions of West Brom in raising its tracker rates without a rise in […]

Newsletter

News and expert analysis straight to your inbox

Sign up