Hinckley & Rugby Building Society has today [Monday August 5] cut the interest rates on its two year discount and two year fixed rate mortgages and launched two new products.
The rate on the 80 per cent Loan to Value (LTV) two year discount mortgage has been cut to 2.45 per cent from 2.65 per cent. The rate is a 3.19 per cent discount off the Society’s Standard Variable Rate (SVR). The overall cost for comparison is 5.1 per cent.
The rate on the 80 per cent Loan to Value (LTV) two year fixed rate mortgage has been cut to 2.59 per cent from 2.75 per cent. The overall cost for comparison is 5.1 per cent.
Fees for both mortgages are unchanged at £295 for arrangement and £695 for completion. As with all Hinckley & Rugby’s residential mortgages, there are no Early Repayment Charges (ERCs).
There is also a new two year discount mortgage at up to 85 per cent LTV, charging 3.09 per cent. The fees are £295 for arrangement and £695 for completion. The overall cost for comparison is 5.2 per cent.
And a new lifetime discount mortgage, also at up to 85 per cent LTV, is charging 3.49 per cent. The fees are £295 for arrangement and £695 for completion. The overall cost for comparison is 3.6 per cent.
Hinckley & Rugby chief executive Chris White said: “The new mortgages and reduced rates are very attractive. We expect them to be popular with buyers and those remortgaging.”
Details of all the Society’s mortgages are at www.hrbs.co.uk
