Both are two year discounts. For new build houses and flats at up to 90% LTV the discounted interest rate is 4.19%. The overall cost for comparison is 5.5% APR.
For new build houses and flats at up to 85% LTV the discounted interest rate is 3.69%. The overall cost for comparison is 5.4% APR.
Both mortgages are available for arrangement fees of £295 and completion fees of £695.
The value of the mortgage above 80% LTV is insured by premiums paid by homebuilders who have registered with Hinckley & Rugby.
Homebuilders already signed up include Barratt, Bellway, Bloor, Bovis, Cavanna, Gleeson, Keepmoat, Linden, Miller, Strata and Yuill. Should other homebuilders wish to register they are advised to contact Hinckley & Rugby.
Hinckley & Rugby chief executive Chris White said: “These mortgages seek to help the buyers, the builders and our Society to work together to enable more newly built flats and houses to be bought.”
The mortgages are available through all channels.
