Brokers placing business with Hinckley & Rugby Building Society via Legal & General Mortgage Club will now have access to three exclusive product options suitable for residential cases.
The first, a five-year fixed rate mortgage available up to 90% loan to value (LTV) and at a 2.58% rate is subject to a £199 arrangement fee and valuation fees. The product is free from Early Repayment Charges (ERC) after five years and is subject to a tapered redemption charge (graduating down from 5% to 1% with each year the borrower remains) and a £150 exit admin fee.
This latest round of exclusives also features two, two-year fixed rate mortgages. Both are available up to 90% LTV and are subject to a £199 arrangement fee. Each mortgage has a 2% ERC for the full term and is subject to a £150 early exit admin fee.
The two-year fixed rate mortgages are different in that one has a rate of 1.80% and is subject to the valuation fees, with the other is priced at a 2.00% rate and has no valuation fee.
The mortgages are suitable to purchasers in England and Wales, including the self-employed (at 80% LTV or lower), those buying new-build properties (at 85% LTV or lower) or flats (capped at 80% LTV). Customers of any of the three mortgages can benefit from a £250 cashback sum following a remortgage and may borrow a minimum loan amount of £100,000 and a maximum of £1,000,000.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Amidst expectations of an increase to the UK’s base rate, there will be added pressure on advisers to source competitively priced product options for their clients.
“With this latest raft of exclusives, we expect to help broaden the choice presented to our advice network when placing suitable customer cases. This is certainly a timely and important addition to our proposition and we’re pleased to be offering the discounted products through Hinckley & Rugby Building Society.”
Julie Bourne, intermediary sales manager, Hinckley and Rugby Building Society, added: “At Hinckley & Rugby for Intermediaries, one of our primary goals is to support brokers and their clients, so we are delighted at the opportunity to work exclusively with Legal & General Mortgage Club on products which meet the requirements for higher loan to value mortgages.
“These products, which are offered up to 90% LTV, will increase the options available to mortgage customers, particularly first time buyers, who want to take the next step as homeowners.”