Fixed until March 31 2019, the interest rate on the mortgage is 3.55% until it reverts to the society’s SVR which is currently 5.64%. The overall cost for comparison is 4.8% APR.
There is a maximum LTV of 80%. The mortgage has competitive fees – £295 for arrangment and £695 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no ERCs.
Because Hinckley & Rugby does not use automated underwriting, all lending decisions are taken by the society’s staff. Credit scoring systems are not used – applicants with little or no credit history will not automatically be rejected.
Brokers – including directly authorised and appointed representatives – can easily access the society’s underwriting decision makers to discuss individual circumstances.
Hinckley & Rugby chief executive Chris White said: “A five year fix is attractive to buyers and remortgagers looking for long-term certainty about their repayments.”