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Hinckley & Rugby Building Society, which lends throughout England & Wales, has launched two new mortgages and cut the rate on another.
There is a new three year discount mortgage, charging an initial 2.09 per cent interest. The discount is 3.55 per cent off the Society’s Standard Variable Rate for three years.
The mortgage is available at up to 60 per cent loan to value (LTV). The overall cost for comparison is 4.7 per cent APR.
The second new mortgage is a lifetime tracker at 2.39 per cent above bank base rate, initially charging 2.89 per cent. The overall cost for comparison is 3.0 per cent APR and the mortgage is available as an offset. The maximum LTV is 80 per cent.
Both the new mortgages have competitive fees – £295 for arrangement and £695 on completion. There is a free valuation on properties valued under £1 million and there are no Early Repayment Charges (ERCs).
Hinckley & Rugby has cut the interest rate on the five year fix available at up to 80 per cent LTV which had charged 3.55 per cent, reducing it to 3.49 per cent. The overall cost for comparison is 4.7 per cent APR. Early Repayment Charges – on a sliding scale – have been introduced on this and the Society’s other five year fix.
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 are continually seeking to give buyers and remortgagers the very best deal to best suit their circumstances. We hope these new mortgages and the rate cut will have wide appeal.”
Details of all the Society’s mortgages are at www.hrbs.co.uk
