The new multiples apply to the Society’s full LTV range. They have increased from 3.5 times single or 2.9 times joint for applications at 80% LTV or below or 3.25 times single or 2.75 times joint for applications above 80% LTV.
Applications within these income multiples will still be subject to a free cash affordability assessment. The Society has updated its online calculator which can be used to check whether applicants would pass this assessment.
Hinckley & Rugby chief executive Chris White said:
“Increasing our income multiples to four times will make our competitive mortgages and excellent, traditional and personal service available to more borrowers and for a wider range of property values.
“We will, of course, retain our guiding principle of making responsible lending decisions based on people’s ability to afford repayments now and in future. We hope more buyers, and their advisers, will now make Hinckley & Rugby a first choice for a mortgage.”
