Hinckley & Rugby for Intermediaries has launched a new two-year discounted remortgage product, priced at 4.81%, following a reduction in its standard variable rate earlier this week.
Available up to 80% loan-to-value, the remortgage deal comes with no booking fee, a £250 legal contribution, and a £999 arrangement fee.
Early repayment charges are set at 2% in the first year and 1% in the second.
The new rate – previously 5.06% – was reduced in line with the mutual’s cut to its SVR, which took effect on 1 July.
The product is offered exclusively on remortgage cases and is delivered through Hinckley & Rugby’s recently enhanced fee-assisted remortgage service.
The lender has partnered with PEXA, the Australian-founded digital property settlement platform, and remortgage specialist Optima Legal to streamline the legal process for advisers and their clients.
Hinckley & Rugby said the partnership enables brokers to access a simplified digital remortgage journey via PEXA’s eConveyancing technology, managed by Optima Legal.
The service, first launched late last year, has since been extended to a wider pool of brokers.
The launch comes on the back of a landmark transaction for the Society. Last month, Hinckley & Rugby completed the UK’s first fully digital property purchase using PEXA’s platform, signalling growing appetite among lenders for technology-led conveyancing.
Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, said: “This new discounted remortgage product is designed to give brokers a simple, good-value option for clients looking to switch deals.
“With no booking fee, a £250 legal contribution and a strong rate, it helps reduce upfront costs and makes the process that bit easier.
“We know remortgages can be held up by delays in the legal process, which is frustrating for everyone. That’s why we’ve partnered with PEXA and Optima Legal to offer a faster, more transparent way of getting cases over the line.
“Clients can track their case online, brokers get fewer chasing calls, and the whole application runs more smoothly.”
