Hinckley & Rugby Building Society has launched a mortgage product specifically aimed at first and next-time buyers struggling with affordability.

Flex Together is an income booster mortgage, otherwise known as Joint Borrower Sole Proprietor (JBSP).

The launch of Flex Together comes at a time of increased focus on JBSP mortgage products, particularly due to the continuing impact of the cost-of-living crisis on first time buyers.

Legal and General (L&G) had predicted that financial assistance by families to support mortgage applications would rise to 47% in 2023, and according to sourcing system Knowledge Bank, ‘Joint Borrower Sole Proprietor’ has become one of the most-searched terms by brokers.

Hinckley & Rugby’s Flex Together criteria allow up to four borrowers on a joint application and accept applicants who are not family members.

Additionally, affordability is calculated based on an income multiple of 4.49 X for each borrower at up to 95% Loan to Value (LTV).

Hinkley & Rugby head of mortgage sales Laura Sneddon said: “What makes Flex Together unique is the even greater flexibility offered by adding a Tailored Term option. This enables different applicants to share the mortgage over different timescales, which is a major advantage when there’s a significant age gap between applicants”.

She adds: “Unlike many other lenders, we don’t restrict all parties to the shorter term that’s applicable to the oldest applicant. Instead, we calculate what the main applicant can afford over the maximum term, and tailor an older applicant’s contribution over a shorter term.”