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Hinckley and Rugby BS increases max loan sizes

by: Karin Wasteson
  • 20/09/2017
  • 0
Hinckley and Rugby BS increases max loan sizes
Hinckley and Rugby Building Society has increased its maximum loan sizes at various loans-to-value (LTVs) amid several changes in its mortgage policies.

At the higher end of the LTV scale, the current advance limit of £275,000 at 95% LTV is going up to £300,000. At 90% LTV the limit goes up from £300,000 to £325,000. Down the scale, the present £650,000 at 65% LTV rises to £710,000.

A change to the society’s interest-only residential mortgage policy sees a sale of the mortgaged property accepted as a repayment vehicle, for example where homeowners intend to downsize in the future.

The property value must be £400,000 or more and the LTV 50% or less, or up to 80% on a part-and-part basis. Until now Hinckley and Rugby has only accepted a sale of a property in the background as a mortgage repayment vehicle.

“We’re constantly listening to feedback from introducers and customers and these policy changes are designed to cater for their evolving needs,” said Carolyn Thornley-Yates, head of intermediary sales at Hinckley and Rugby. 

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