Many individuals up and down the country are looking to maximise their borrowing potential. Securing a mortgage that offers a higher income multiple can be the difference between missing out or moving into that dream home that ticks every box.
The problem many of these borrowers face is that most lenders reserve their enhanced income multiples for high earners.
Those with non-standard or irregular income patterns, such as self-employed individuals or fixed-term contractors can also find that despite meeting the minimum income requirements, they are excluded from accessing many lenders’ highest available income multiples.
We offer our Income Flex mortgages at a competitive interest rate and have laid out crystal clear criteria so that brokers can quickly confirm whether or not we would lend on their case. Income Flex could be the answer for those who are looking for a mortgage that enables them to maximise their full borrowing potential, including those seeking a greater income multiple.
This is because our Income Flex mortgages are specifically designed for applicants with more specific needs, such as those who have non-standard or irregular income arrangements and are unable to meet standard affordability criteria to secure the mortgage they require.
What sets Income Flex apart when it comes to enhanced income multiples is the fact we have not set a minimum income threshold to access a multiple of x5.5 – borrowers just need to be able to meet our standard affordability criteria. This differs from other lenders who often require their applicants to earn a minimum income of as much as £100,000.
Many of these lenders also exclude self-employed applicants from accessing their enhanced income multiples, even if they have several years of profitable accounts. Income Flex supports these people, offering them access to a x5.5 income multiple even up to 90% LTV if they have three years’ accounts.
Those looking to borrow at 80% LTV or below will only need to provide two years’ accounts. Even if the applicant only has one year’s accounts, or their accounts show declining profits or losses, whilst they may not qualify for an income multiple of x5.5 they are still eligible for our standard income multiple of x4.49. We believe this is particularly important for individuals grappling with rising costs of living and those who are self-employed trying to also absorb inflated costs of doing business.
We understand that your applicants might not always fit the mould. To further evidence our commitment to your clients whose cases may require that a little bit more time and understanding, Income Flex accommodates a combination of up to two of an array of different income types, from short-term contractors all the way through those wanting their investment income to be considered.
Included in our criteria is an outline of our Income Flex policy vs standard policy for a number of different professions and income types.
Browse our full Income Flex product range here, and our criteria in full here.
Even if a case does not quite fit the criteria we have laid out, we may still have a solution. More complex cases can be referred to our daily Mortgage Referrals Committee, which consists of a panel of our executive-level decision makers who meet every weekday to discuss these kinds of mortgage enquires.
This demonstrates our genuine manual lending approach – we carefully consider individual circumstances and assess the strength of the case as a whole using our Six Pillars of Lending, affording us increased flexibility. These decisions are often given on the same day of case referral.
Have a tricky case on your desk or just want to find out more about our process? You could even join us live at our Mortgage Referrals Committee drop-in-clinic. Find out more here.
Income Flex has been designed to evolve with borrower requirements, and we may look to update our offering over time.
If you would like to be kept in the loop, you can join our mailing list below and you will be the first to know when we launch, update or withdraw products across our entire range.
We often launch new products into the market that could be a great fit for your clients. To be notified on the day of any changes to our product range, sign up for our newsletter and you will get this information directly to your inbox.
Our responsive and helpful team are always on hand to help if you have any questions.
You can call us on 01455 874 084 or leave us a live chat message below and we will get back to you as soon as possible.
