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Loan to Income multiplier rises at H&R

H&R for Intermediaries has increased its Loan to Income (LTI) multiplier across its residential range for applications where the Loan to Value (LTV) is up to 80 per cent.

Responding positively to feedback from brokers, the LTI for mortgages up to 80 per cent LTV is increased from four times single or joint income to 4.49 times.

The change is applied to all H&R’s residential mortgages, including fee-free, fixed rate, discount, offset, self-build and cashback products.

Head of sales and marketing Carolyn Thornley-Yates said:

“Brokers told us they love our manual underwriting, no credit scoring and access to the daily meetings of our Mortgages Referral Committee of decision makers, but that our four times LTI was an obstacle in some cases.

“The brokers have clients who need a little leeway on the LTI whilst comfortably passing our disposable income affordability test. For those people the 4.49 times multiplier brings a H&R mortgage into play along with our niche approach to personally considering each application.

“It also enables other applicants – those coming to us direct and via introducers – to borrow a little more if it’s affordable given their circumstances.”

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