"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."
Purely interest-only is available up to 60% LTV, while a part interest-only and part repayment combination is on offer up to 80% LTV.
Hinckley & Rugby says there is no minimum income required, and states that the only acceptable Repayment Vehicle will be the sale of another property or properties in England or Wales in the same name as the applicant(s) with sufficient equity to repay the new loan.
Head of intermediary sales, Carolyn Thornley-Yates, said: “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."
