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Hinckley & Rugby Building Society, which lends throughout England & Wales, has today [February 7] launched a new five year fixed rate mortgage and cut the interest rate on a two year discount.
The new five year fixed rate mortgage charges interest of 3.39 per cent, with an overall cost for comparison of 4.7 per cent APR. It is available at up to 80 per cent LTV.
The fees are £295 for arrangement and £1,895 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).
Also today there is a rate cut of 0.09 per cent off the existing two year discount mortgage at up to 80 per cent LTV, which is now charging an initial 2.15 per cent (overall cost for comparison is 5.0 per cent APR). All other terms are unchanged.
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: “Against a backdrop of growing expectations of base rate increases, our five year fix will appeal to buyers across England and Wales seeking certainty about their repayments into 2019.”
Details of all the Society’s mortgages are at www.hrbs.co.uk
