Hinckley & Rugby Building Society has launched a five year fixed rate mortgage at 4.15 per cent. The mortgage, fixed until August 31 2017, is available at up to 80 per cent LTV (loan-to-value).
With a maximum loan of £300,000 for up to 75 per cent LTV and £240,000 for up to 80 per cent LTV, the mortgage reverts after five years to the Society’s Standard Variable Rate, currently 5.64 per cent. The overall cost for comparison is 5.0 per cent APR.
With an arrangement fee of £195 and completion fee of £695, the mortgage has a free assessment for properties valued at £1million or less.
There are early repayment charges on a sliding scale during the fixed rate period, from five per cent of the amount repaid in year one down to one per cent in year five.
The five year fix joins Hinckley & Rugby’s range of mortgages that also includes two-year discounts, lifetime discounts and lifetime trackers.
Hinckley & Rugby chief executive Chris White said: “A five year fix offers borrowers certainty about their repayments until well into 2017. We hope it will hit the spot for borrowers looking for that long-term fix.”