Hinckley & Rugby Building Society yesterday cut the interest rate on its Buy To Let two year discount mortgage from 4.19 per cent to 3.49 per cent. The mortgage is available at up to 75 per cent Loan to Value (LTV).
The mortgage is a two-year discount of 2.15 per cent off the Society’s Basic Variable Rate for BTL mortgages of 5.64 per cent. The overall cost for comparison is 5.3 per cent APR. The fees are unchanged, at £250 on application and £1,250 on completion. The completion fee can be added to the loan, as long as the LTV does not exceed 75 per cent. As with all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).
The mortgage is available through intermediaries and there is a property assessment fee on a sliding scale from £265. The Society also offers two year discount Buy To Let mortgages at up to 60 per cent LTV with interest rates starting at 2.74 per cent.
Hinckley & Rugby business development manager Carolyn Thornley-Yates said: “Cutting the interest below 3.5 per cent on a 75 per cent LTV mortgage makes this product highly competitive. It is backed by our outstanding levels of customer service and individual approach to underwriting.” Details of all the Society’s mortgages are at www.hrbs.co.uk