Hinckley & Rugby Building Society has launched income booster mortgage at 95% loan to value (LTV).

This latest addition to the mutual’s Income Flex range is a 95% LTV product with a two-year discount rate of 6.45%.

This new product is aimed at first-time and ‘first-time-again’ homebuyers who have non-standard or complex incomes.

The society says the product addresses a common problem of being able to afford repayments but being unable to save a large deposit due to the burden of high rents and other inflated living costs.

Income Flex aims to overcome several barriers. It offers up to x5.5 multiple with no minimum income requirement, and is also available to contractors, the self-employed, applicants with commission-only earnings, and those with just one year’s accounts.

In addition, there is no trade-off with inflated criteria; borrowers just need to meet Hinckley & Rugby’s standard affordability criteria.