It offers up to 5.5 times the applicant’s income with no minimum income requirement
Hinckley & Rugby Building Society has introduced a new 95% loan-to-value (LTV) mortgage as part of its Income Flex range, targeting first-time buyers and those re-entering the housing market.
The product features a two-year discount rate of 6.45% and is designed to assist buyers with non-standard or complex income streams who struggle to save a large deposit due to high rents and other living costs.
The Income Flex mortgage offers a borrowing multiple of up to 5.5 times the applicant’s income without a minimum income requirement, and is available to a variety of employment types, including contractors, self-employed individuals, those with commission-only income, and applicants with only one year of accounts.
Applicants are only required to meet the standard affordability criteria set by Hinckley & Rugby, without any additional conditions.
Life can stand in the way of large deposits, so we’ll take just 5%, while also offering income multiples up to 5.5x & accepting 100% of commission!💪
— Hinckley and Rugby for Intermediaries (@MortgageRequest) April 25, 2024
Find out more about our flexible, real-life #affordabilityboosting Income Flex mortgage @ 95%LTV👇https://t.co/7nl9kefIPP pic.twitter.com/rgbqsL97zM
The move, part of the lender’s Spring refresh of its product range, aims to address the financial barriers faced by potential homeowners, providing an accessible path to property ownership amid challenging economic conditions.
Further details on the mortgage product can be found online through Hinckley & Rugby Building Society’s website.
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