The Hinckley & Rugby makes mortgage policy changes

The Hinckley & Rugby makes mortgage policy changes

The Hinckley & Rugby Building Society has increased its maximum loan sizes at various LTVs.

The current advance limit of £275,000 at 95% LTV is going up to £300,000. At 90% LTV the limit goes up from £300,000 to £325,000. Meanwhile, the present £650,000 at 65% LTV rises to £710,000.

A change to the society’s interest-only residential mortgage policy sees a sale of the mortgaged property accepted as a repayment vehicle, for instance where homeowners intend to downsize in the future.

The property value must be £400,000 or more and the LTV 50% or less, or up to 80% on a part-and-part basis. Until now Hinckley & Rugby has only accepted a sale of a property in the background as a mortgage repayment vehicle.

Carolyn Thornley-Yates , the Hinckley & Rugby’s head of intermediary sales, said: “We’re constantly listening to feedback from introducers and customers and these policy changes are designed to cater for their evolving needs.”