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Up to 95% LTV and increased LTI for self-employed borrowers at Hinckley & Rugby Building Society

Hinckley & Rugby Building Society has increased the Loan to Value (LTV) offered to self-employed applicants, who can now benefit from up to 95% LTV mortgages.

At a time where self-employed borrowers often feel subject to lending restrictions and face greater scrutiny, Hinckley & Rugby recognises that this group of individuals contains strong applicants who have expertly navigated their businesses through the pandemic.

The building society has also enhanced its Loan to Income (LTI) multiples for all borrowers, including self-employed, to x4.49 above 80% LTV*.  Additionally, the Society has increased its maximum loan size limits throughout its core residential product range and across each LTV banding from 75%-95%.

The Society wants to support self-employed borrowers and believes that its recent LTV and LTI changes, along with a manual approach to underwriting, offers a flexible way forward.

Hinckley & Rugby’s Mortgage Referrals Committee (MRC) is also able to cater to more complex self-employed borrowing needs.  The committee, made up of seasoned industry experts, meets every weekday to make decisions on unique applicants that show a strong potential for approval and often gives brokers a same-day decision.

Carolyn Thornley-Yates, Head of Mortgage Proposition & Distribution says:

“We are delighted to lend a helping hand to self-employed borrowers who are underserved in the current market due to criteria restrictions. By extending our higher LTV products to these individuals, and enhancing the LTI available to them, we hope we can support them on their property journey. Furthermore, the in-house expertise at the Society enables our teams to better understand self-employed income streams and, where a case is more challenging, our MRC can also be of benefit.”

The Society welcomes new self-employed business enquiries and hopes these updates give brokers and their clients flexible options.

To get in touch, call the Business Development Team on 01455 894084 or speak to them via live chat on Hinckley & Rugby’s website.

*The exception to the higher LTI are applicants wishing to consolidate debt, or those who have mismanaged their finances in the past – these borrowers will be restricted to an LTI of x4.