The maximum LTV on the Society’s lifetime tracker mortgage has been increased from 75 per cent to 85 per cent. All other terms for the mortgage, which is available as an offset, are unchanged. The current interest rate is 3.69 per cent and the arrangement fee is £395 and completion fee £695. The overall cost for comparison is 3.8 per cent.
In addition, there is a new two-year tracker mortgage at up to 90 per cent LTV. The mortgage tracks at 3.39 per cent above the bank base, giving a current interest rate of 3.89 per cent, and will not go below a floor of 3.89 per cent. The arrangement fee is £295 and completion fee £695. The overall cost for comparison is 5.4 per cent. It can be operated as an offset mortgage.
A new two year discount mortgage is just 2.35 per cent. It is available at up to 75 per cent LTV and can be operated as an offset mortgage. The arrangement fee is £295 and completion fee £695. The overall cost for comparison is 5.0 per cent.
There is a new Buy to Let two year discount mortgage, at 4.19 per cent (variable) and up to 75 per cent LTV. The arrangement fee is £250 and completion fee £1,250. The overall cost for comparison is 5.5 per cent.
The rate on the Society’s lifetime discount mortgage has been cut to 3.59 per cent, from 3.79 per cent. It remains available at up to 85 per cent LTV and fees are unchanged at £395 for arrangement and £695 for completion. The overall cost for comparison is 3.8 per cent.
The rate on the 90 per cent LTV two year discount mortgage has been cut to 3.75 per cent, from 3.95 per cent. Fees are unchanged at £295 for arrangement and £695 for completion. The overall cost for comparison is 5.4 per cent.
Hinckley & Rugby chief executive Chris White said:
“Buyers will find these mortgage rates even more attractive and the higher LTVs will also have wide appeal.
“We are using Bank of England Funding for Lending Scheme cash to make our mortgages more affordable for more people.”
