The new mortgage, available up to 95% loan to value, charges 4.89% for the first two years and has an overall cost for comparison of 5.6% APR.
The 2-year fix has competitive fees – £295 for arrangement and £695 on completion. There is a free valuation on properties valued under £1m and there are no Early Repayment Charges.
Hinckley & Rugby chief executive Chris White said: “The 95 per cent LTV mortgage is designed to appeal to first time buyers and others with a small deposit who seek certainty about repayments. With relatively low fees we are confident this has strong appeal.”
The Hinckley & Rugby has also cut the interest rate on its 3-year fix available at up to 80% LTV, which is down from 2.99% to 2.69%. The overall cost for comparison is 4.9% APR. Fees and other terms are unchanged.
