Hinckley & Rugby expands higher multiplier deal

Hinckley & Rugby Building Society has added lawyers, barristers and accountants to the professions which qualify for the lender’s higher income multiplier on select mortgages.

People in the professions listed above, along with those who work as doctors and dentists are able to borrow up to 5.5 times their income on 80 per cent LTV products and 4.5 times their income on 90 per cent LTVs and higher mortgages.

Two- and five-year fixed rate fee free products are included in the criteria change, with the two-year range starting at 2.69 per cent and the five-year products from 3.19 per cent.

The two-year offers feature an ERC of 2 per cent throughout the tenancy of the mortgage. The five-year offers include an ERC of 5 per cent until 2020, at which points it decreases year-on-year to 1 per cent in 2024.

Overpayments of up to 10 per cent per year can be made without triggering an ERC on both fixed product ranges.

Hinckley & Rugby head of sales and marketing Carolyn Thornley-Yates comments: “Such has been the response to our mortgages for medics that we are delighted to be broadening out the range of professions able to access the enhanced criteria.

“We recognise that qualifying as a lawyer or an accountant is a tremendous foundation for a long and rewarding career that promises sustained progression.

“It gives us, as a manual lender, the confidence to consider not just where an applicant is today but what their future potential is.”

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