Hinckley & Rugby Building Society launches its Flex proposition offering increased income multiples and cementing the most common income and credit challenges into published lending criteria to support more borrowers during challenging times.
Two new products, Income Flex and Credit Flex have been introduced to cater for those whose circumstances don’t fit rigid processes or scoring models. Credit Flex is a solution for those with problematic credit profiles, and Income Flex is for borrowers who have the earnings, or earning potential, but need to flexibility in order to reach their desired loan size.
2022 was a tough year for borrowers, and there has been little let-up since with cost-of-living crisis putting real strain on households, and it is likely there are more choppy waters to come. At a time when borrowers are 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. There is also a growing need to accommodate borrowers with multiple streams of income or whose income requires more understanding than simply taking an average.
Hinckley & Rugby Building Society had noticed an increasing number of borrowers who have either had to re-prioritise payment of commitments, or just not managed their credit agreements as well as they thought they could. There are also a growing number of borrowers who want to accommodate a combination of income types for affordability purposes.
The Society has long been a popular choice for borrowers with more unusual or complicated incomes and those with recent credit issues. It has developed a strong reputation as a flexible lender that is not reliant on credit scores, and willing to listen to and understand individual circumstances and introduces its Flex products and lending criteria at a time where many borrowers will be concerned about their mortgage options.