The new mortgage is a two-year discount charging 1.89% interest. It is available at up to 70% LTV, has no early repayment charges and the overall cost for comparison is 5.0% APR.
The interest rate cuts cover four two-year discount mortgages. At up to 95% LTV the charging rate has been reduced to 4.45%, with the overall cost for comparison at 5.6% APR. At up to 90% LTV the interest rate is now 3.45%. with the overall cost for comparison at 5.3% APR. At up to 85% LTV the rate has been cut to 2.45% with the overall cost for comparison at 5.1% APR.
The Buy to Let mortgage (at up to 75% LTV) is down to 3.35%. The overall cost for comparison is 5.3% APR. The Buy to Let mortgage has also seen its completion fee cut from £1,250 to £999. The application fee remains unchanged at £250.
The fees for the other three existing mortgages remain at £295 on application and £695 on completion, the same as the new 70% LTV mortgage. All the residential discount mortgages have a free valuation up to £1 million.
At the end of the two-year discount period the mortgages revert to the Society’s Standard Variable Rate, currently 5.64%.
Hinckley & Rugby chief executive Chris White said:
“We’re providing even greater value with these mortgages, backed by our commitment to outstanding customer service.”
