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.”
