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

The income boosting Flex Together Joint Borrower Sole Proprietor (JBSP) product is designed to appeal to first-time buyers struggling with the cost-of-living crisis.

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).

Laura Sneddon, head of mortgage sales at Hinckley & Rugby Building Society, 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.”

“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,” she added.