Hinckley & Rugby for Intermediaries has unveiled two new ERC-free remortgage products.
The new products, offered at up to 80% loan-to-value, are available on both the lender’s Core and Credit Flex ranges. Each is designed to offer borrowers greater control by removing early repayment charges, allowing them to make overpayments or switch deals without incurring penalties.
The Core range option, labelled Remortgage – ERC Free – 2 Year Discount, carries a variable rate of 5.65%, reflecting a 1.64% discount off Hinckley & Rugby’s Homeowner Variable Rate. The Credit Flex equivalent is available at 5.99%, a 1.30% discount. Both products include a £999 non-refundable product fee.
Hinckley & Rugby for Intermediaries said the decision to remove ERCs from these products is intended to appeal to borrowers whose financial circumstances may evolve over time or who wish to take advantage of future rate changes without being locked into their existing deal.
Laura Sneddon (pictured), head of mortgage sales & distribution, said: “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.
“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.”
The announcement follows the Society’s recent move to broaden access to its fee-assisted remortgage service, delivered in partnership with digital conveyancing platform PEXA and Optima Legal. That initiative is now available to the wider market, offering brokers and borrowers a more streamlined experience via an online portal that provides real-time case tracking.
