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Hinckley & Rugby Building Society last week cut the interest rate on two mortgages.
The Society’s residential two year discount mortgage at up to 90% Loan to Value (LTV) is cut from 3.75 per cent to 3.59 per cent. This mortgage is not available for new build properties. The overall cost for comparison is 5.3 per cent APR.
The interest rate on the Society’s residential lifetime discount mortgage at up to 85% LTV is cut from 3.49 per cent to 3.39 per cent. The overall cost for comparison is 3.5 per cent APR.
All other terms for both mortgage products are unchanged. Both have competitive fees – £295 for arrangment and £695 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).
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’ve cut the interest rate on these two mortgages to make them even more attractive to buyers and remortgagers.”
Details of all the Society’s mortgages are at www.hrbs.co.uk
