Products offer flexible repayment options at 80% LTV
Hinckley & Rugby for Intermediaries has launched a pair of new remortgage products, both set at 80% loan-to-value (LTV) and carrying no early repayment charges (ERCs).
The lender said the products — part of its Core and Credit Flex offerings — are aimed at borrowers seeking flexibility, particularly those who may wish to make overpayments or switch deals without incurring penalties.
One of the new options, the Remortgage – ERC Free – 2-year Discount, offers a variable rate of 5.65%, which represents a 1.64% discount off the society’s Homeowner Variable Rate. The Remortgage – ERC Free – Credit Flex – 2-year Discount is priced at a 5.99% variable rate, reflecting a 1.30% discount. Each product includes a non-refundable product fee of £999.
According to the mutual, the absence of ERCs is designed to give borrowers more control, especially those whose financial situation may evolve or who may want to take advantage of potential interest rate changes.
Alongside the new remortgage offerings, the lender has extended its remortgage support service in partnership with PEXA and Optima Legal. The collaboration, first announced last year, now provides brokers across the market access to a fee-assisted remortgage process supported by digital case tracking and real-time updates.
Earlier this year, the Hinckley & Rugby Building Society also overhauled its mortgage product line-up, combining its standard and joint borrower sole proprietor (JBSP) products into a single core range.
“Flexibility is increasingly important for borrowers in today’s market, and we believe these ERC-free remortgage products provide advisers with valuable options to support their clients,” said Laura Sneddon (pictured), head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries.
“The ability to make overpayments or switch products without penalty can be crucial for those whose financial circumstances have the potential to change, offering greater control and peace of mind. By removing ERCs, we’re helping those borrowers who want to stay agile in their mortgage choices without any unnecessary restrictions.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
