Hinckley & Rugby cuts rates on 85% and 90% products

Hinckley & Rugby Building Society has today cut the interest rate on two mortgages.

Related topics:  Mortgages
Amy Loddington
25th October 2013
Mortgages

The Society’s residential two year discount mortgage at up to 90% LTV is cut from 3.75% to 3.59%. This mortgage is not available for new build properties. The overall cost for comparison is 5.3% APR.

The interest rate on the Society’s residential lifetime discount mortgage at up to 85% LTV is cut from 3.49% to 3.39%. The overall cost for comparison is 3.5% APR.

All other terms for both mortgage products are unchanged. Both have competitive fees –  £295 for arrangment and £695 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges.

Because Hinckley & Rugby does not use automated underwriting, all lending decisions are taken by the Society’s staff. Credit scoring systems are not used – applicants with little or no credit history will not automatically be rejected.

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:

“We’ve cut the interest rate on these two mortgages to make them even more attractive to buyers and remortgagers.”

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