Hinckley & Rugby Building Society has launched three new mortgages, including two designed exclusively for people buying new build homes.
One of the new two year discount mortgages is for newly built homes at up to 90% LTV, at an interest rate of 3.99% – a 1.65% discount off the Society’s Standard Variable Rate (SVR). The overall cost for comparison is 5.4% APR. The Society pays the premium for the higher lending insurance.
The second new two year discount mortgage is for newly built homes at up to 85% LTV, at an interest rate of 3.33%. It’s a 2.31% discount off the Society’s Standard Variable Rate. The overall cost for comparison is 5.3% APR.
The third new mortgage is a two year tracker, at up to 80% LTV, charging 2.45% interest. The rate tracks at 1.95% above Bank Base Rate for two years, with a floor of 2.45%, before reverting to the Society’s SVR. The overall cost for comparison is 5.1% APR.
Fees are £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).
Meanwhile, the Society has cut the interest rate on its five year fixed rate mortgage to 3.35%. Available at up to 80% LTV, the five year fix has been reduced from 3.45%. The fixed rate period has been extended to November 30 2018. The overall cost for comparison is 4.6%.
Hinckley & Rugby chief executive Chris White said: “Here are four great mortgages designed with buyers in mind. They are competitively priced and backed by our commitment to outstanding levels of traditional service.”