Hinckley & Rugby Building Society has today [January 14] cut the interest rates on seven mortgages, including two Buy to Lets (BTLs).

The seven mortgages and their rate cuts are:

• The 95 per cent LTV (Loan to Value) two year discount mortgage is down from 3.85 per cent to 3.49 per cent, increasing the discount off the Society’s SVR (Standard Variable Rate) to 2.15 per cent. The overall cost for comparison is 5.3 per cent APR.
• The 95 per cent LTV two year fix is cut from 4.75 per cent to 4.59 per cent. The overall cost for comparison is 5.6 per cent APR.
• The five year fix at up to 90 per cent LTV has been cut from 4.29 per cent to 3.99 per cent. The overall cost for comparison is 5.0 per cent APR.
• The five year fix at up to 85 per cent LTV has been cut from 3.85 per cent to 3.35 per cent. The overall cost for comparison is 4.7 per cent APR.
• And the five year fix at up to 80 per cent LTV has been cut from 3.48 per cent to 3.24 per cent. The overall cost for comparison is 4.7 per cent APR.
• The BTL two year discount at up to 75 per cent LTV has been cut from 3.19 per cent to 2.85 per cent. The discount off the Society’s BTL BVR (Basic Variable Rate) is increased to 2.79 per cent. The overall cost for comparison is 5.2 per cent APR.
• And the BTL two year discount at up to 60 per cent LTV has been cut from 2.99 per cent to 2.74 per cent. The discount off the Society’s BTL BVR is increased to 2.90 per cent. The overall cost for comparison is 5.2 per cent APR.

All fees and terms remain unchanged and are available at www.hrbs.co.uk - the 95 per cent LTV mortgages are not available for new builds.

Hinckley & Rugby Building Society, which lends throughout England and Wales, uses manual underwriting by Society staff and will not automatically reject applicants with little or no credit history. Brokers can easily access underwriting decision makers to discuss applications. 

Hinckley & Rugby chief executive Chris White said: “In a highly competitive market these rate cuts should place several of our key mortgages into contention for buyers and their brokers. And they are delivered with our outstanding levels of personal, traditional service.”

Details of all the Society’s mortgages are at www.hrbs.co.uk