Fixed until 31 January 2018, the 3.99% fix is at a lower interest rate than Hinckley & Rugby’s previous five-year fix that was 4.15%.
The mortgage is available at up to 80% LTV (loan-to-value). The overall cost for comparison is 4.90% APR.
With a maximum loan of £300,000 for up to 75% LTV and £240,000 for up to 80% LTV, the mortgage reverts after five years to the Society’s Standard Variable Rate, which is currently 5.64%.
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 discounts, fee-free and trackers.
Hinckley & Rugby chief executive Chris White said:
“This five year fix offers a sub-four per cent interest rate until 2018, giving borrowers long-term certainty about their repayments. We hope it will be popular with borrowers looking for a long-term fix.”
