The Hinckley & Rugby Building Society has made changes to its mortgage range with new products, rate cuts and a higher loan to value (LTV).
The mutual has launched a new two-year tracker mortgage at up to 90% LTV. The mortgage tracks at 3.39% above the bank base, giving a current interest rate of 3.89%, and will not go below a floor of 3.89%. The arrangement fee is £295 and completion fee £695. The overall cost for comparison is 5.4%. It can be operated as an offset mortgage.
A new two-year discount mortgage has been introduced at 2.35%. It is available at up to 75% LTV and can be operated as an offset mortgage. The arrangement fee is £295 and completion fee £695. The overall cost for comparison is 5.0%.
In addition, there is a new buy-to-let two year discount mortgage, at 4.19% (variable) and up to 75% LTV. The arrangement fee is £250 and completion fee £1,250. The overall cost for comparison is 5.5%.
The rate on the Society’s lifetime discount mortgage has been cut to 3.59%, from 3.79%. It remains available at up to 85% LTV and fees are unchanged at £395 for arrangement and £695 for completion. The overall cost for comparison is 3.8%.
The rate on the 90% LTV two year discount mortgage has been cut to 3.75%, from 3.95%. Fees are unchanged at £295 for arrangement and £695 for completion. The overall cost for comparison is 5.4%.
The maximum LTV on the Society’s lifetime tracker mortgage has been increased from 75% to 85%. All other terms for the mortgage, which is available as an offset, are unchanged. The current interest rate is 3.69% and the arrangement fee is £395 and completion fee £695. The overall cost for comparison is 3.8%.
Chris White, the Hinckley & Rugby’s chief executive, said: “Buyers will find these mortgage rates even more attractive and the higher LTVs will also have wide appeal.
“We are using Bank of England Funding for Lending Scheme cash to make our mortgages more affordable for more people.”