Income Flex
Help your clients to maximise their borrowing potential with Income Flex
Hinckley & Rugby’s new product solution is for borrowers requiring more than just a simple average of their payslips or SA302s. With Income Flex, we can help your clients to flex their income’s muscles by including various secondary sources of income.
Income Flex is available up to 95% LTV.
The table below shows Hinckley & Rugby’s standard lending criteria vs Income Flex criteria. We can consider various types of additional income, whether the applicant is salaried, self-employed or a contractor. This could include a combination of investment income, commission earnings, regular bonuses and overtime, rental income, and income from stocks and shares. There is a limit to the combination that can be used, depending on the source of the income, and we will be happy to explain this.
If you need even more flexible criteria, or would like to discuss Income Flex in more detail, call our Intermediary Sales Team on 01455 894084 Mon-Fri, 9am-5pm. We normally answer the phone within just a few seconds!
| Income Type | Standard Policy | Income Flex Policy |
| Agency workers | Not accepted. | Maximum of 75% LTV |
| Bank Work / Locum Work | 1 year’s evidence | 6 months’ evidence |
| Benefits & Tax Credits | Maximum 50%. | Maximum 100%. |
| Bonus, Commission and Overtime | Maximum 50%. 2 years’ evidence required. | Maximum 100%. 1 year’s evidence required. Cannot be more that 100% of basic income. |
| Bursary | Not accepted. | Maximum 100% providing there is another form of earned income on the application. |
| CIS Contractors | Average income from SA302s. | Treated as PAYE if taxed at source. 3 months’ payslips & latest P60 required. |
| Day Rate Contractors | Average income from SA302s. | Contract day rate x 46 weeks. Minimum Income £50,000 and at least 3 months remaining on contract. |
| Fixed-term Contractors | 12-month contract in place with at least one renewal. | 12-month contract in place, no renewal required. |
| Income Multiple | 4.49 | Up to 5.5 on two highest earners provided income fits standard policy. |
| Investment Income | Not accepted. | Maximum of 50%. 3 years SA302s evidence required. |
| Net Profit & Salary (Limited Company) | Not accepted. Salary and dividends only. | Accepted. |
| Probation Period | Not accepted. | Considered for borrowers where new and previous roles were similar or where borrower has been promoted. |
| Second Income | Maximum 50%. | Maximum 100%. Maximum of 55 hours per week. |
| Self-employed Income | Average of 2 years SA302s up to 80% LTV, 3 years SA302a up to 95% LTV. | One years accounts/SA302s. Declining profits and loss years acceptable. Projections also permitted from an accountant. |
| Short-term Contracts | Considered subject to referral. | Considered for borrowers with a 6 month contract history who have had one contract renewal. |
| Sports Professionals | Considered subject to referral. | Accepted. |
| Units of Dental Activity (UDA) | Not accepted. | Value of current annual contract accepted. |
| Umbrella Companies | Not accepted. | Accepted. |
| Zero Hour Contracts | 3 years’ evidence. Maximum 75% LTV. | 12 months’ evidence. Maximum 75% LTV if it is the only or highest source of income. |
All lending criteria is subject to full underwriting assessment.
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