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.”
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