The three products in the income flex range, which use an “enhanced affordability calculation” to go up to 5.5x loan to income (LTI) and go up to 90% loan to value (LTV).
The products include a five-year fixed rate at 90% LTV at 6% and a two-year fixed rate at 6.25% at the same LTV tier.
The other product is a two-year discount deal at 90% LTV at 5.59%.
The products are subject to its income flex criteria, which helps applications on multiple or non-standard income sources.
The lender said that the income flex range was suited to self-employed clients, including those using projections, net profit assessments, or with just one year’s accounts.
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Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, said: “We know brokers often come across perfectly sound cases that don’t fit neatly into rigid criteria, and that’s exactly where Income Flex can help, especially for self-employed clients or those with irregular income.
“The introduction of these three new products gives brokers more tools to support clients at higher LTVs, with the flexibility of up to 5.5x LTI in place. We want to give brokers solutions that reflect the real lives of their clients, not just what’s easy to assess on paper.”
Hinckley & Rugby recently made criteria changes to its income flex range, lowered rates across its range and made four international promotions in its sales and distribution team.
CHL Mortgages cuts select limited edition deals and adds short-term let deals
Specialist lender CHL Mortgages for Intermediaries has lowered rates by up to 15 basis points (bps) on selected limited edition buy-to-let (BTL) range and brought out seven products in its short-term lets range of BTL mortgages.
The limited edition range reductions mean that borrowers can now choose from two or five-year fixed rates beginning from 2.56% for single dwelling properties, or 2.60% for houses of multiple occupation (HMO) or muti-unit freehold block (MUFB).
All the limited edition products have a choice of product fee options.
The short-term let products are suitable for borrowers intending to let out holiday let properties or serviced apartment properties for a short period of time.
The range has two and five-year fixed rate products with free valuation and no-fee product fee options, all at 75% LTV.
Darrell Walker, group sales director at CHL Mortgages, said: “This rate reduction on our limited edition range further demonstrates our support for landlords.
“And with our short-term let range now offering borrowers options with free valuation and no product fee, this is a great opportunity for landlords who may be looking to diversify their portfolios and explore other investment opportunities.”
