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Flexible solutions to credit problems with Hinckley & Rugby’s new Credit Flex product

Hinckley & Rugby are back and doing what we do well – supporting borrowers with more individual needs and circumstances.

In a further extension of our specialist mortgage offering, Hinckley & Rugby are very pleased to introduce a new product specifically designed to meet the needs of borrowers whose track record of managing their credit commitments might not be ideal. 

There has been little let-up for borrowers in recent years as the pandemic and cost-of-living crises have put real strain on households. 

Hinckley & Rugby has noticed the number of borrowers who, through challenging circumstances, have either had to re-prioritise payment of commitments, been unable to meet normal payments or just not managed their credit agreements as well as they thought they could. 

Credit Flex is Hinckley & Rugby’s competitive product solution for your clients who need to get their credit profile back on track.  

More quick and flexible lending solutions from Hinckley & Rugby – flexing to meet the needs of you and your clients!

What is Credit Flex?

Available up to 80% LTV, the Credit Flex products extend Hinckley & Rugby’s flexible underwriting approach to borrowers with imperfect credit histories, even where they have experienced problems in recent months. 

Having developed a strong reputation as a flexible lender not reliant on credit scores and willing to listen to and understand individual circumstances, Hinckley & Rugby are proud to be able to enhance our criteria once more to increase its service to borrowers with fewer mortgage options and further speeding up delivery of a lending decision. 

Who is it for? 

Using Credit Flex, Hinckley & Rugby can now consider borrowers who have experienced recent late payments on: 

  • Mortgages and/or secured loans 
  • Unsecured loans or hire purchase agreements 
  • Credit cards
  • Utility bills, telecommunication contracts, and mail order agreements 

Credit Flex is also available to borrowers who have been subject to defaults, payday loans, county court judgements (CCJs) over 12 months ago, and can also support borrowers with histories of debt management plans, debt relief orders, individual voluntary arrangements (IVAs) and bankruptcy.  

Additional lending criteria may apply. See Credit Flex in more detail.

Why is Credit Flex important? 

The major credit rating agencies in the UK estimate that 43% of people have at least one missed credit payment and the average credit score is only ‘fair’ meaning that there are commonly multiple imperfections in the way borrowers have managed their credit commitments.  

What’s more, it is thought that 69% of the population don’t even know the state of their credit score. We will all be familiar with those borrowers who don’t check until they start looking for a mortgage only to find problems they may not have been aware of, or that they have managed their commitments in a way that has implications they haven’t understood from the outset. 

At a difficult time for borrowers wrestling with the impacts of rising inflation and interest rates, there are trending increases in the number of loan applications, credit card spending and overdraft usage across some demographics.  

With all this in mind, the need to support borrowers that have faced challenges managing credit commitments is greater than ever so Hinckley & Rugby is here to help.  

Our Credit Flex solution provides a real option for borrowers who may think their credit histories exclude them from finding a competitive mortgage, whilst also providing brokers with clear, easy to understand criteria. Hinckley & Rugby want to make each broker’s path to application as smooth as possible by cementing the credit challenges we most commonly see into our published lending criteria. In a fast-changing market this will mean more brokers getting faster decisions for their client.  

Meanwhile the Mortgage Referrals Committee will still very much be there for those enquiries that still don’t quite fit lending criteria. 

(All data provided by Experian.) 

Where can I find out more? 

If you need even more flexible criteria, or would like to discuss Credit Flex in more detail, please speak to our Intermediary Sales Team – our wait times to speak to someone are often only seconds.

Call 01455 894 084 Mon-Fri, 9am-5:30pm or speak to us online via Live Chat.