Hinckley & Rugby has added a new mortgage product to its Income Flex range.
The 95% LTV product has a two-year discount rate of 6.45%.
The product is aimed at homebuyers who have non-standard or complex incomes. This could include individuals seeking higher income multiples, consideration of irregular income patterns, multiple income sources or consideration of the profits of their business.
Income Flex aims to overcome several barriers. It offers up to x5.5 multiple with no minimum income requirement, and is also available to contractors, the self-employed, applicants with commission-only earnings, and those with just one year’s accounts. Borrowers just need to meet Hinckley & Rugby’s standard affordability criteria.
The products are not suitable for those who cannot meet the lender's standard credit history criteria, such as those with missed payments or defaults.
