The new mortgage, available at up to 80 per cent LTV has an optional offset facility. Its charging rate of 2.19 per cent interest is a 3.45 per cent discount off the Society’s SVR (currently 5.64 per cent). The overall cost for comparison is 2.2 per cent APR.
The first rate cut is to the existing two year discount mortgage at up to 85 per cent LTV, which comes down from 2.79 per cent to 2.45 per cent. The overall cost for comparison is 5.0 per cent APR. For the 90 per cent LTV mortgage, the interest rate is cut from 3.45 per cent to 2.79 per cent. The overall cost for comparison is 5.2 per cent APR. All other terms remain the same on these two mortgages.
For all three mortgages, the arrangement fee is £199 and the completion fee is £800. The mortgages have a free valuation up to £1 million and no Early Repayment Charges.
Hinckley & Rugby chief executive Chris White said:
“We’re constantly looking to offer great deals to customers, and their brokers, so we’ve sharpened the rates on these key discount mortgages and added a very attractive lifetime discount.”
