They aim to enhance flexibility and affordability for borrowers
Market Harborough Building Society (Market Harborough) and Hinckley & Rugby for Intermediaries (Hinckley & Rugby) have both introduced updates to their lending products, enhancing flexibility and affordability for borrowers.
Market Harborough has reduced its bridging finance rates by up to 0.02%. The lender’s new rates now start from 0.62% variable and 0.66% fixed for loans up to 50% loan-to-value (LTV).
Rates for loans between 50.01% and 60% LTV now begin at 0.68% variable and 0.72% fixed, while those for loans between 60.01% and 70% LTV start at 0.74% variable and 0.78% fixed.
This comes after the lender recently expanded its short-term lending options, allowing for loans of up to £5 million and a maximum LTV of 70%.
“We’re listening to the needs of our broker partners and are delighted to reduce our monthly bridging finance rates,” said Iain Smith (pictured left), Market Harborough’s head of mortgage distribution.
Market Harborough specialises in regulated and unregulated bridging finance, offering a range of mortgage solutions for expats, high-net-worth individuals, and buy-to-let investors. The lender also recently reduced its residential and let fixed rates by up to 0.30%.
Meanwhile, Hinckley & Rugby for Intermediaries has introduced significant updates to its Income Flex product criteria, targeting borrowers with non-standard income sources. The updates include increasing the maximum LTV for agency workers and zero-hour contractors from 75% to 80%. Additionally, day-rate contractors no longer face a minimum income requirement, and those relying on stipend income or tips can now borrow up to 80% LTV, provided they present 12 months’ evidence.
Hinckley & Rugby has also updated its residential criteria concerning builder deposits. For deposits up to 5% of the property value, the purchase price will remain unchanged for LTV purposes, but for deposits over 5%, the price will be reduced accordingly.
Chris Holmes (pictured), senior product and proposition manager at Hinckley & Rugby, emphasised the lender’s commitment to accommodating diverse income profiles, stating, “We’re making sure our criteria are flexible enough to accommodate the modern workforce.”
Both lenders aim to meet the evolving needs of the market by offering more competitive and tailored solutions to their broker partners and clients.
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