Hinckley and Rugby for Intermediaries has lowered select rates by up to 0.3%, improved its flexible mortgage range and added fixed rate options.
Hinckley and Rugby Building Society’s Income Flex range, which supports multiple or non-standard income sources, now includes a two-year fixed rate at 95% loan to value (LTV) at 6.55%.
The firm’s five-year fixed rate at 80% LTV has fallen by 0.3% to 5.55%, and at 90% LTV, the price stands at 5.69%.
In its Flex Together range, which is its joint borrower sole proprietor (JBSP) mortgage, there is a new five-year fixed rate at 80% LTV at 5.29%.
Hinckley and Rugby Building Society’s five-year fixed rate at 95% LTV has decreased by 0.3% to 5.69%.
The visa mortgage, for skilled worker visas or health and care worker visas, has a five-year fixed rate at 80% LTV priced at 5.59%, along with its five-year fixed rate at 90% LTV decreasing by 0.2% to 5.79%.
All products have a £199 fee and £800 completion fee.
The lender said that the changes were in response to broker feedback on the “challenges around affordability”.
The firm added that the deals would offer more support for first-time buyers, those moving up the housing ladder and skilled workers on overseas working visas.
‘More choice’ for ‘borrowers with relatively small deposits’
Chris Holmes, Hinckley and Rugby for Intermediaries senior product and proposition manager, said: “Our Income Flex and Flex Together products are designed to help borrowers ‘flex’ their income to meet affordability challenges, whether they are buying their first home or wanting to move up the housing ladder. By lowering the initial pay rates on many of these products, we can support more borrowers in what is proving to be a very challenging market.
“Hinckley and Rugby recently introduced a 95% LTV tier on our Income Flex product. By now offering a two-year fixed rate option at this LTV, we are giving more choice to borrowers with relatively small deposits, which will include many first-time buyers.”
He added: “Hinckley and Rugby has also enhanced its visa mortgage for overseas nationals with a skilled worker or health and care worker visa. This does not impose minimum restrictions on income, time in the UK, or time left on the visa. In essence, this gives these often vital key workers the opportunity to own their own home based on affordability and common sense, not on how much they earn or how long they have lived here.
“At Hinckley and Rugby, we know a one-size-fits-all approach to lending fails to meet the needs of homeowners today. Most lenders want an applicant’s circumstances to fit one of their mortgages – but our range of Flex products are designed to be adaptable to meet clients’ needs.
“We continue to respond to demand in the market with competitively priced products and a flexible approach to underwriting to support our broker partners and their clients.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
