Hinckley and Rugby building society cuts rates

The Early Repayment Charge on Hinckley and Rugby’s five year fixed mortgage has been dropped, while it has also cut interest rates on four of its mortgages.
The five year fix has also seen its interest rate cut from 3.59 per cent to 3.35 per cent. The end date has been reset at June 30 2018. The mortgage is available at up to 80 per cent loan-to-value (LTV).
Also cut is the rate on the two year discount at up to 90 per cent LTV. The rate is reduced from 4.24 per cent to 3.95 per cent.
The two year discount and fixed rate mortgage revert, at the end of their respective periods, to the Society’s Standard Variable Rate (SVR), currently 5.64 per cent. The overall cost for comparison is 5.4 per cent APR for the discount and 4.6 per cent APR for the fix.
The Society’s two year discount mortgage specifically for newly built properties at up to 90 per cent LTV sees its rate cut from 4.19 per cent to 3.89 per cent (overall cost for comparison is 5.4 per cent APR).
The fourth mortgage to see a reduced interest rate is the Buy to Let product at up to 60 per cent LTV. The two year discount rate was 3.49 per cent and is now 3.24 per cent (overall cost for comparison is 5.3 per cent APR).
The fees remain unchanged on all the mortgages.
Hinckley & Rugby chief executive Chris White said: “We now have a family of mortgages at very attractive rates and none of them have Early Repayment Charges, making them even more straightforward for customers and introducers.”