The new mortgage, available up to 95% LTV, charges 4.89% for the first two years. It has an overall cost for comparison of 5.6% APR.
The two year fix has competitive fees – £295 for arrangement and £695 on completion. There is a free valuation on properties valued under £1 million and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges.
Also today, Hinckley & Rugby has cut the interest rate on its three year fix available at up to 80% LTV, which is down from 2.99% to 2.69%. The overall cost for comparison is 4.9% APR. Fees and other terms are unchanged.
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:
“The 95% LTV mortgage is designed to appeal to first time buyers and others with a small deposit who seek certainty about repayments. With relatively low fees we are confident this has strong appeal.”
