Hinckley & Rugby Building Society has increased the loan to value (LTV) is offers to self-employed applicants, to 95%.
The mutual has also improved its Loan to Income (LTI) multiples for all borrowers, including self-employed, to x4.49 above 80% LTV. The exception to the higher LTI are applicants wishing to consolidate debt, or those who have mismanaged their finances in the past – these borrowers will be restricted to an LTI of x4.
Additionally, the Society has increased its maximum loan size limits throughout its core residential product range and across each LTV banding from 75%-95%.
Hinckley & Rugby says its Mortgage Referrals Committee (MRC) is also able to cater to more complex self-employed borrowing needs. The committee meets every weekday to make decisions on unique applicants that show a strong potential for approval and often gives brokers a same-day decision.
Carolyn Thornley-Yates (pictured), head of mortgage proposition & distribution, said: “We are delighted to lend a helping hand to self-employed borrowers who are underserved in the current market due to criteria restrictions.
“By extending our higher LTV products to these individuals, and enhancing the LTI available to them, we hope we can support them on their property journey.
“Furthermore, the in-house expertise at the Society enables our teams to better understand self-employed income streams and, where a case is more challenging, our MRC can also be of benefit.”
