The mortgage is a two-year discount of 2.15% off the Society’s Basic Variable Rate for BTL mortgages of 5.64%. The overall cost for comparison is 5.3% APR.
The fees are unchanged, at £250 on application and £1,250 on completion. The completion fee can be added to the loan, as long as the LTV does not exceed 75%. As with all Hinckley & Rugby mortgages, there are no Early Repayment Charges.
The mortgage is available through intermediaries and there is a property assessment fee on a sliding scale from £265. The Society also offers two year discount Buy To Let mortgages at up to 60% LTV with interest rates starting at 2.74%.
Hinckley & Rugby business development manager Carolyn Thornley-Yates said:
“Cutting the interest below 3.5% on a 75% LTV mortgage makes this product highly competitive. It is backed by our outstanding levels of customer service and individual approach to underwriting."