H&R cuts rates on fee free and tracker products

Hinckley & Rugby Building Society has today cut the interest rate on two of its mortgages – a fee free lifetime discount and a two year tracker mortgage.

Related topics:  Mortgages
Amy Loddington
14th February 2014
Mortgages

The fee free lifetime discount at up to 80% LTV is cut by 0.20% to 2.99%, a 2.65% discount from the Society’s standard variable rate which is currently 5.64%. The overall cost for comparison is 3.1% APR.

The fee free mortgage is available as an offset with a savings account and has flexible features including a payment holiday facility and the ability to make overpayments.

The second rate cut is 0.20% off the existing two year tracker mortgage at up to 90% LTV, which is now charging an initial 3.69% (overall cost for comparison is 5.4% APR).

The mortgage tracks at 3.19% above Bank of England Base Rate for two years and will not go below a floor of 3.69%. All other terms are unchanged. The fees are £295 for arrangement and £695 on completion.

For both mortgages there is a free valuation and, like all Hinckley & Rugby mortgages, there are no early repayment charges.

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:

"The fee-free is now below the three per cent mark and the tracker mortgage has been made even more attractive to buyers with a 10% deposit who are looking for a low initial rate.”

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