Hinckley & Rugby Building Society has increased its loan to income (LTI) multiplier across its residential range for applications up to 80% LTV.
The rise covers all of its residential mortgages, including fee-free, fixed rate, discount, offset, self-build and cashback products.
The LTI for mortgages up to 80% LTV has increased from four times single or joint income to 4.49 times, following feedback from brokers.
Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby (pictured above), said: “Brokers told us they love our manual underwriting, no credit scoring and access to the daily meetings of our mortgage referral committee of decision makers, but that our four times LTI was an obstacle in some cases.
“For those people, the 4.49 times multiplier brings a Hinckley & Rugby mortgage into play along with our niche approach to personally considering each application.
“It also enables other applicants — those coming to us direct and via introducers — to borrow a little more if it’s affordable, given their circumstances.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 officially launches in the US
N26 has officially launched in the USA after completing its two-month beta program...
An interview with Ed Siegel: Savers want ‘reassurance’ that their money is used to support positive social change
In an interview with Specialist Banking, Ed Siegel, chief executive at Charity Bank (pictured above), talks about the rising demand for ethical finance, and improving awareness of this particular sector...
Landlord confidence reaches seven-year low
Only 29% of landlords have positive expectations for their letting business over the next three months, according to recent research...
Shawbrook grows structured finance team
Shawbrook Bank has appointed Brook Kalkhoven (pictured above) as an associate director to its structured finance team...
OakNorth expands with new Manchester office
OakNorth has moved into a new office in Manchester at Ship Canal House...
What is a link mortgage?
Assume you have a high-net-worth (HNW) client who finds a new property they want to purchase before they have sold their main residence — what solution would you choose...
Shawbrook names new relationship director for London
Shawbrook Bank has appointed Adam Agius (pictured above) as its new relationship director for the London, Thames Valley and South region...
Wyelands Bank launches asset finance offering for renewables sector
Wyelands Bank has appointed Mark Turrell (pictured above) to its asset finance team as it launches its newly created offering for the renewables sector...
Leek United reveals mortgage rate reductions
Leek United has revealed rate reductions for two of its most popular mortgages...
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...