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Hinckley & Rugby Building Society, which lends throughout England & Wales, has launched four new fixed rate mortgages at a range of LTVs (Loan to Value) from 60 to 80 per cent.
The highest LTV mortgages, at 80 per cent, are a five year fix charging 3.59 per cent and a two year fix at 2.49 per cent.
The five year fix has an overall cost for comparison of 4.8 per cent APR. Early repayment charges (ERCs) step down from five per cent in year one to one per cent in year five.
The three other new mortgages have no ERCs and free valuations for property values up to £1 million.
The two year fix at up to 80 per cent LTV has an overall cost for comparison of 5.1 per cent APR. At up to 70 per cent LTV, the two year fixed rate mortgage charges 2.34 per cent and also has an overall cost for comparison of 5.1 per cent APR.
The fourth new mortgage is available at up to 60 per cent LTV and charges just 2.19 per cent interest. Its overall cost for comparison is 5.0 per cent APR.
At the end of the fix the mortgages revert to the Society’s Standard Variable Rate, currently 5.64 per cent. All four have an application fee of £295 and completion fee of £695.
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: “Customer appetite for fixed rates unsurprisingly remains robust during this period of speculation about Bank of England base rate rises. These four mortgages give buyers what they want – competitive rates and certainty about repayments during the fixed rate periods.”
Details of all the Society’s mortgages are at www.hrbs.co.uk
