A new three-year discount mortgage at up to 80% LTV has an initial interest rate of 2.55%.
Reverting to the Society’s Standard Variable Rate, currently 5.64%, the overall cost for comparison is 4.8% APR.
Also new is a three-year fixed rate mortgage at 2.99%, with an overall cost for comparison of 5.0% APR. It is also available at up to 80% LTV.
There is a rate cut of 0.34% off the existing two year discount mortgage at up to 85% LTV, which is now charging an initial 2.75% (overall cost for comparison is 5.2% APR).
And there is a 0.10% cut, to 3.79%, off the residential two year fixed rate mortgage at up to 90% LTV (the overall cost for comparison is 5.4% APR). All other terms for the existing mortgages are unchanged.
Both the new mortgages and those with rate cuts have the same competitive fees – £295 for arrangement 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 sharpened rates and launched two new mortgages to keep the Society to the forefront of what is a very competitive market. Buyers don’t only get great rates from Hinckley & Rugby, they also enjoy outstanding service delivered by our experienced mortgages staff.”
