Hinckley & Rugby Building Society has cut the interest rate on two of its mortgages: a fee free lifetime discount and a two year tracker mortgage.
The fee free lifetime discount at up to 80% LTV (loan to value) is cut by 0.20 percentage points to 2.99%, a 2.65% discount from the Society’s standard variable rate which is currently 5.64%.
The fee free mortgage is available as an offset with a savings account and has flexible features including a payment holiday facility and the ability to make overpayments.
The second rate cut is 0.20 percentage points off the existing two year tracker mortgage at up to 90% LTV, which is now charging an initial 3.69%.
The mortgage tracks at 3.19% above Bank of England Base Rate for two years and will not go below a floor of 3.69%. All other terms are unchanged. The fees are £295 for arrangement and £695 on completion.
For both mortgages there is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).
Chris White, Hinckley & Rugby chief executive, said: “The fee-free is now below the 3% mark and the tracker mortgage has been made even more attractive to buyers with a 10% deposit who are looking for a low initial rate.”
