At the higher end of the LTV scale, the current advance limit of £275,000 at 95 per cent LTV is going up to £300,000. At 90 per cent LTV the limit goes up from £300,000 to £325,000. Down the scale, the present £650,000 at 65 per cent 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 per cent or less, or up to 80 per cent 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, Hinckley & Rugby 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.”
