Hinckley & Rugby axes Early Repayment Charge on all mortgages

Hinckley & Rugby Building Society has today cut the interest rates of four of its mortgages and axed the Early Repayment Charge from its five year fix. The Society now has no mortgages with ERC.

Related topics:  Mortgages
Amy Loddington
1st March 2013
Mortgages
The ERC has been removed from the five year fix, which has also seen its interest rate cut from 3.59 per cent to 3.35 per cent. The end date has been reset at June 30 2018. The mortgage is available at up to 80 per cent loan-to-value.

Also cut is the rate on the two year discount at up to 90 per cent LTV. The rate is reduced from 4.24 per cent to 3.95 per cent.

The two year discount and fixed rate mortgage revert, at the end of their respective periods, to the Society’s Standard Variable Rate, currently 5.64 per cent. The overall cost for comparison is 5.4 per cent APR for the discount and 4.6 per cent APR for the fix.

The Society’s two year discount mortgage specifically for newly built properties at up to 90 per cent LTV sees its rate cut from 4.19 per cent to 3.89 per cent (overall cost for comparison is 5.4 per cent APR).

The fourth mortgage to see a reduced interest rate is the Buy to Let product at up to 60 per cent LTV. The two year discount rate was 3.49 per cent and is now 3.24 per cent (overall cost for comparison is 5.3 per cent APR).

The fees remain unchanged on all the mortgages.

Hinckley & Rugby chief executive Chris White said:

“We now have a family of mortgages at very attractive rates and none of them have Early Repayment Charges, making them even more straightforward for customers and introducers.”
More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.