Hinckley & Rugby Building Society has this week, launched two new mortgages and cut the interest rates on two more.
A new three-year discount mortgage at up to 80 per cent LTV (loan to value) has an initial interest rate of 2.55 per cent. Reverting to the Society’s Standard Variable Rate (SVR), currently 5.64 per cent, the overall cost for comparison is 4.8 per cent APR.
Also new is a three-year fixed rate mortgage at 2.99 per cent, with an overall cost for comparison of 5.0 per cent APR. It is also available at up to 80 per cent LTV.
There is a rate cut of 0.34 per cent off the existing two year discount mortgage at up to 85 per cent LTV, which is now charging an initial 2.75 per cent (overall cost for comparison is 5.2 per cent APR).
And there is a 0.10 per cent cut, to 3.79 per cent, off the residential two year fixed rate mortgage at up to 90 per cent LTV (the overall cost for comparison is 5.4 per cent APR). All other terms for the existing mortgages are unchanged.
Both the new mortgages and those with rate cuts have the same competitive fees – £295 for arrangement 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 White said: “We’ve sharpened rates and launched two new mortgages to keep the Society to the forefront of what is a very competitive market. Buyers don’t only get great rates from Hinckley & Rugby, they also enjoy outstanding service delivered by our experienced mortgages staff.”