Hinckley & Rugby for Intermediaries enhances Flex mortgage range


Chris Holmes

Hinckley & Rugby for Intermediaries has today (8 July) enhanced its flexible mortgage range, cutting selected rates by up to 30bps and launching new fixed-rate options.

These changes apply to Hinckley & Rugby’s Income Flex, Flex Together and Visa products, with the Society launching two-year and five-year fixed rate options at new LTV bands.

The changes have been made in response to broker feedback on the challenges around affordability.

The new products will provide additional support for first-time buyers and those moving up the housing ladder, as well as skilled workers on overseas working visas, including those working in health and social care.

Key changes are listed below:

Income Flex – to support those with multiple or non-standard income sources

  • New two-year fixed rate of 6.55% at 95% LTV
  • Five-year fixed rate reduced at 80% LTV by 30bps, to 5.55%
  • Five-year fixed rate reduced at 90% LTV by 30bps, to 5.69%


Flex Together – Joint Borrower/Sole Proprietor Mortgage, for parents/grandparents to help first-time buyers onto the housing ladder

  • New five-year fixed rate of 5.29% at 80% LTV
  • Five-year fixed rate reduced at 95% LTV by 30bps, to 5.69%

Visa Mortgage – for those with a Skilled Worker Visa or Health & Care Worker Visa.

  • New five-year fixed rate of 5.59% at 80% LTV
  • Five-year fixed rate reduced at 90% LTV by 20bps, to 5.79%

All products have a £199 application fee and £800 completion fee.

These changes come after Hinckley & Rugby recently enhanced its Credit Flex mortgage, simplifying its underwriting criteria and widening the number of borrowers with an adverse credit history who can apply for this product to address affordability issues.

Chris Holmes, Hinckley & Rugby for Intermediaries Senior Product & 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 & 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.

Hinckley & 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 & 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.”