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.
CRITERIA UPDATE: Enhancing Income Flex
As of today, we have updated the criteria on our Income Flex range, a flexible mortgage product designed for applicants who have non-standard or irregular income arrangements and are unlikely to be able to meet standard affordability criteria to secure the mortgage they require.
1. We have introduced new criteria for the following income types:
- Stipend Income
- Tronc Payments (Tips)
- Lodger Income
2. We have enhanced criteria for the following income types:
- Agency workers – maximum LTV has increased to 80% LTV.
- Day Rate Contractors – no minimum income required.
- Zero Hour Contractors – maximum LTV has increased to 80% LTV if the only or highest source of income.
This criteria update reflects the diverse income streams that exist for today’s borrowers, and these enhancements ensure we remain as relevant and as flexible as ever.