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Hinckley & Rugby Building Society has launched a new 95 per cent Loan to Value (LTV) two-year discount mortgage at 5.09 per cent interest.
The new mortgage, which is not part of the Government’s Help to Buy II scheme, is available both to direct customers and also via brokers. It comes with competitive fees - £295 for arrangment and £695 on completion.
There is a free valuation and, like all Hinckley And Rugby mortgages, there are no Early Repayment Charges (ERCs). The 5.09 per cent interest rate is a 0.55 per cent discount off the Society’s Standard Variable Rate. The overall cost for comparison is 5.7 per cent.
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 White said: “This 95% LTV mortgage is not part of the Government’s Help to Buy scheme, as we have our own insurance that covers us as a business when lending over 80% LTV.
“This 95 per cent LTV mortgage will particularly help people buy their first home, but is equally appealing for anyone with a modest deposit who is looking for a good rate.”
Details of all the Society’s mortgages are at www.hrbs.co.uk
