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Loan to income multiplier rises at Hinckley & Rugby

Hinckley & Rugby Building Society has increased its loan to income (LTI) multiplier across its residential range for applications where the loan-to-value (LTV) is up to 80%.

Now, the LTI for mortgages up to 80% LTV is increased from four times single or joint income to 4.49 times.

This change comes after feedback from brokers and is applied to all Hinckley & Rugby’s residential mortgages, including fee-free, fixed rate, discount, offset, self-build and cashback products.


Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, commented: “Brokers told us they love our manual underwriting, no credit scoring and access to the daily meetings of our Mortgage Referral Committee of decision makers, but that our four times LTI was an obstacle in some cases.”

“The brokers have clients who need a little leeway on the LTI whilst comfortably passing our disposable income affordability test.”

She added: “For those people, the 4.49 times multiplier brings a Hinckley & Rugby mortgage into play along with our niche approach to personally considering each application.”

“It also enables other applicants – those coming to us direct and via introducers – to borrow a little more if it’s affordable given their circumstances.”


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