Income Flex
Help your client flex their income’s muscles to maximise their borrowing potential with Income Flex.
Hinckley & Rugby’s new product solution is for borrowers requiring more than just a simple average of their payslips or SA302s.
Income Flex is available at both 80% LTV and 90% LTV with doctors, dentist, barristers, solicitors and accountants having access to enhanced loan size limits.
The table below shows Hinckley & Rugby’s standard lending criteria vs Income Flex criteria. Income Flex will allow a combination of any two non-standard incomes.
If you need even more flexible criteria, or would like to discuss Income Flex in more detail, call to our Intermediary Sales Team on 01455 894084 Mon-Fri, 9am-5pm – our wait times to speak to someone are often only seconds.
| Income Type | Standard Policy | Income Flex Policy |
| Agency workers | Not accepted. | Maximum of 75% LTV |
| Bank Work / Locum Work | 1 year’s evidence | 6 months’ evidence |
| Benefits & Tax Credits | Maximum 50%. | Maximum 100%. |
| Bonus, Commission and Overtime | Maximum 50%. 2 years’ evidence required. | Maximum 100%. 1 year’s evidence required. Cannot be more that 100% of basic income. |
| Bursary | Not accepted. | Maximum 100% providing there is another form of earned income on the application. |
| CIS Contractors | Average income from SA302s. | Treated as PAYE if taxed at source. 3 months’ payslips & latest P60 required. |
| Day Rate Contractors | Average income from SA302s. | Contract day rate x 46 weeks. Minimum Income £50,000 and at least 3 months remaining on contract. |
| Fixed-term Contractors | 12-month contract in place with at least one renewal. | 12-month contract in place, no renewal required. |
| Income Multiple | 4.49 | Up to 5.5 on two highest earners provided income fits standard policy. Speak to our Intermediary Sales Team if the borrower is a Doctor, Dentist, Barrister, Solicitor or Accountant. |
| Investment Income | Not accepted. | Maximum of 50%. 3 years SA302s evidence required. |
| Net Profit & Salary (Limited Company) | Not accepted. Salary and dividends only. | Accepted. |
| Probation Period | Not accepted. | Considered for borrowers where new and previous roles were similar or where borrower has been promoted. |
| Second Income | Maximum 50%. | Maximum 100%. Maximum of 55 hours per week. |
| Self-employed Income | Average of 2 years SA302s up to 80% LTV, 3 years SA302a up to 95% LTV. | One years accounts/SA302s. Declining profits and loss years acceptable. Projections also permitted from an accountant. |
| Short-term Contracts | Considered subject to referral. | Considered for borrowers with a 6 month contract history who have had one contract renewal. |
| Sports Professionals | Considered subject to referral. | Accepted. |
| Units of Dental Activity (UDA) | Not accepted. | Value of current annual contract accepted. |
| Umbrella Companies | Not accepted. | Accepted. |
| Zero Hour Contracts | 3 years’ evidence. Maximum 75% LTV. | 12 months’ evidence. Maximum 75% LTV if it is the only or highest source of income. |
All lending criteria is subject to full underwriting assessment.
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