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.”