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-5:30pm – our wait times to speak to someone are often only seconds.

Income Type Standard Policy Income Flex Policy 
Agency workersNot 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. 
BursaryNot 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.