Fixed until March 31 2015, the interest rate then reverts to the Society’s Standard Variable Rate (SVR), currently 5.64%. The overall cost for comparison is 5.2% APR.
The 2-year fix is available at up to 80% loan-to-value (LTV). There is an arrangement fee of £195 and a completion fee of £695, and no early repayment charge. There are free valuations for property values up to £1 million.
The minimum advance is £50,000 and the maximum is £240,000 at 80 per cent LTV. There is a sliding scale from there to a maximum loan of £1.25 million at up to 60% LTV.
Hinckley & Rugby chief executive Chris White said: “There is always an appetite in the market for a competitive fix and this mortgage should hit the mark.”