Hinckley & Rugby launches residential interest-only option


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.”