The Society’s residential two year discount mortgage at up to 80% LTV is cut from 2.45% to 2.24%. The overall cost for comparison is 5.0% APR.
Hinckley & Rugby’s two year discount mortgage at up to 75% LTV is cut from 2.35 per cent to 2.15 per cent. The overall cost for comparison is 5.0 per cent APR.
And the two year fixed rate mortgage at up to 80% LTV is cut from 2.59 per cent to 2.29 per cent. The overall cost for comparison is 5.0 per cent APR.
All other terms for the three mortgage products are unchanged. All 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:
“The interest rate on these three key mortgages for buyers and remortgagers have been cut to make them even more attactive.”
