Hinckley and Rugby Building Society has updated its product and criteria, the details are below. These products are available through our direct to lender mortgage club so contact us for more information on how our club can support your business.
Income Flex is now more flexible than ever
In case you missed it.
Recently, we announced several criteria additions and enhancements to our Income Flex range – a flexible mortgage product designed for borrowers who have non-standard or irregular income arrangements.
What’s changed?
We now consider:
- Stipend Income: Hinckley & Rugby will now accept 100% of stipend income with 12 months’ evidence and will consider loans with LTVs of up to 80% where stipend income is the primary source.
- Tronc Payments (Tips): Responding to industry trends, the Society will now accept up to 100% of tips as income, provided there is a minimum of 12 months’ evidence of payments.
- Lodger Income: Lodger income can now be fully utilised, up to the government’s tax-free threshold of £7,500 per annum, with the primary income required to exceed this amount.
We have also enhanced our existing criteria to help even more people get into their dream homes:
- Agency Workers: Maximum loan-to-value (LTV) increased from 75% to 80%, enhancing opportunities for those employed in temporary roles.
- Day Rate Contractors: Minimum income requirement removed. A minimum contract term of three months is still required.
- Zero-Hour Contractors: The LTV has increased from 75% to 80%, offering more borrowing capacity for workers with irregular hours.
If you have a case on your desk that may benefit from our more human approach, get in touch. We’d love to see if we can help.