Hinckley & Rugby Building Society has launched two mortgages at up to 90 and 95% LTV, available with offset savings accounts which can be operated online.
The 95% LTV mortgage has a lifetime discount of 1.85 per cent off the Society’s SVR and the initial charging rate is 3.79%.
The 90% LTV mortgage has a lifetime discount of 2.85% off the Society’s SVR. The initial charging rate is 2.79 per cent. This product is available for new build houses and flats.
Both mortgages have a £199 arrangement fee and an £800 completion fee. There are free valuations up to £1 million and no ERCs.
Chris White, Hinckley & Rugby chief executive, said: “We’ve long had a lifetime discount at a lower LTV so this is a natural extension to appeal to first time buyers and others with a smaller deposit.
“The optional offset facility gives borrowers the flexibility to reduce the interest charged and ultimately the length of the loan, which can be a real plus for people who have savings balances either now or in the future.”
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Dr Alfred Okonkwo