An appointed representative of the Mortgage Advice Bureau, Police Mutual asked Hinckley & Rugby to create mortgages to appeal to its members up and down the country. The first two mortgages are a two year fix and a three year discount.
The two year fix is an exclusive for Police Mutual and charges 3.89% interest. It has low fees; £195 for arrangement and £295 on completion. The maximum loan to value is 90%. It’s for house purchases only, and excludes new builds. The overall cost for comparison is 5.4% APR.
The three year discount mortgage is fee-free and charges an initial 2.95% interest. It is exclusive to Police Mutual and two mortgage clubs. For purchases and remortgages, it is available at up to 80% LTV. There are no arrangement or completion fees. The overall cost for comparison is 4.9% APR.
For both mortgages there is a free valuation for properties worth up to £1 million and no ERCs or higher lending charge.
Adam Smith, head of mortgages at Police Mutual, said:
"We are delighted to be working closely with Hinckley & Rugby Building Society who share our mutual values and our passion for service and quality. These are two very competitive deals with exclusivity for Police Officers and their families."
Hinckley & Rugby assistant business development manager Emily Smith said:
"We are very much looking forward to working with Police Mutual to bring the benefits of our competitive mortgages and outstanding service to its members."
