The mortgage is available at up to 60% loan to value. The overall cost for comparison is 4.7% APR.
The second new mortgage is a lifetime tracker at 2.39% above bank base rate, initially charging 2.89%.
The overall cost for comparison is 3.0% APR and the mortgage is available as an offset. The maximum LTV is 80%.
Both the new mortgages have 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 has cut the interest rate on the 5-year fix available at up to 80% LTV which had charged 3.55%, reducing it to 3.49%.
The overall cost for comparison is 4.7% APR. Early Repayment Charges – on a sliding scale – have been introduced on this and the Society’s other 5-year fix.
Hinckley & Rugby chief executive Chris White said: “We are continually seeking to give buyers and remortgagers the very best deal to best suit their circumstances. We hope these new mortgages and the rate cut will have wide appeal.”