Hinckley & Rugby Building Society launched a new mortgage - it's the return of a five year fixed rate product to the Society's range.
Fixed until March 31 2019, the interest rate on the mortgage is 3.55 per cent until it reverts to the Society’s Standard Variable Rate (SVR) which is currently 5.64 per cent. The overall cost for comparison is 4.8 per cent APR.
There is a maximum Loan to Value (LTV) of 80 per cent. The mortgage has competitive fees – £295 for arrangment and £695 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).
Because Hinckley & Rugby does not use automated underwriting, all lending decisions are taken by the Society’s staff. Credit scoring systems are not used – applicants with little or no credit history will not automatically be rejected.
Brokers – including directly authorised and appointed representatives – can easily access the Society’s underwriting decision makers to discuss individual circumstances.
Hinckley & Rugby chief executive Chris Whitesaid: “A five year fix is attractive to buyers and remortgagers looking for long-term certainty about their repayments.”