Hinckley & Rugby expands 5.5 times mortgage income professionals list
Hinckley & Rugby Building Society has extended the list of professionals it can provide up to 5.5 times salary mortgages for as it looks to increase its lending volumes.
The income stretch mortgages used to be limited to doctors and dentists, but they are now also available to lawyers, barristers, and accountants.
The lender offers enhanced criteria and higher income multiples based on the applicant’s experience. The idea is to help more professionals with complex incomes and newly qualified professionals who have recently secured their first contract.
Professionals can borrow up to 5.5 times salary if they have a 20 per cent deposit and between one to three years’ experience. With between three and five years’ experience, the multiple reduces to 5.25 times salary. Over five years it decreases to 4.75 times salary.
Aaron Strutt, product director at Trinity Financial, says: “Many of the bigger banks and smaller building societies offering enhanced income multiples to professionals providing they earn at least £40,000.”
The lenders often require applicants to provide a scanned copy of their certification of full qualification within the chosen profession, dated within five years of application.
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