To support the partnership, the lender launches two exclusive products supporting people with adverse credit
Hinckley & Rugby Building Society has forged a partnership with mortgage packager Complete FS to enhance the accessibility of its mortgage products at a time of increased focus on solutions for clients with adverse credit.
To support the partnership, two exclusive mortgage products have been launched: a five-year fixed Credit Flex mortgage, and a two-year discounted specialist mortgage.
Designed to help people who are suffering from the fallout of adverse credit, Credit Flex caters for first- and next-time buyers, and for people who are seeking to remortgage. In addition to missed priority debt repayments, the lender considers borrowers with a history of county court judgments (CCJs), individual voluntary arrangements (IVAs), and even bankruptcy.
The specialist product supports people who have a challenging combination of adverse credit and non-standard income requirements. It additionally features a times 5.5 multiple for non-standard income patterns, including the self-employed, with no minimum income requirement.
“Eight months ago, Which? reported that 700,000 households had missed their rent or mortgage payment in the previous month,” Jack Jordan, assistant product manager at Hinckley & Rugby Building Society, said. “All of us in the industry are aware of the continuation of that trend into 2024.
“Not only that, missed credit payments is one of the most-searched terms by brokers. This partnership aims to meet the new year’s biggest mortgage challenges head-on, with deal-closing solutions.”
“Complete FS specialises in the distribution of products to a client demographic that perfectly suits our product range, particularly because they have a strong understanding of complex income and credit scenarios,” Laura Sneddon (pictured), head of mortgage sales at Hinckley & Rugby Building Society, added.
“It is the first packager to be appointed to our corporate partner panel, which comprises those intermediary channels that work closely with the society and share our passion for solution-based lending to support an ever-changing customer landscape.”
Damian Cain, director of Complete FS, said they were delighted and flattered to be chosen as Hinckley & Rugby’s first packaging partner.
“This partnership has been some months in the making, but we knew after our first meeting that Hinckley & Rugby would be a valuable addition to our panel,” Cain related. “Their positive attitude to real-world lending and a willingness to listen and understand individual customer needs, is very refreshing.”
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