Fixed until March 31 2015, the interest rate then reverts to the Society’s Standard Variable Rate (SVR), currently 5.64 per cent. The overall cost for comparison is 5.2 per cent APR.
The two year fix is available at up to 80 per cent loan-to-value (LTV). There is an arrangement fee of £195 and a completion fee of £695, and no early repayment charge. There are free valuations for property values up to £1 million.
The minimum advance is £50,000 and the maximum is £240,000 at 80 per cent LTV. There is a sliding scale from there to a maximum loan of £1.25 million at up to 60 per cent LTV.
Hinckley & Rugby chief executive Chris White said:
“There is always an appetite in the market for a competitive fix and this mortgage should hit the mark.”