Hinckley & Rugby Building Society has launched four new fixed rate mortgages at a range of LTVs (Loan to Value) from 60% to 80%.
The highest LTV mortgages, at 80%, are a five year fix charging 3.59% and a two year fix at 2.49%.
The five year fix has an overall cost for comparison of 4.8% APR. Early repayment charges (ERCs) step down from 5% in year one to 1% in year five.
The three other new mortgages have no ERCs and free valuations for property values up to £1 million.
The two year fix at up to 80% LTV has an overall cost for comparison of 5.1% APR. At up to 70% LTV, the two year fixed rate mortgage charges 2.34% and also has an overall cost for comparison of 5.1% APR.
The fourth new mortgage is available at up to 60% LTV and charges just 2.19% interest. Its overall cost for comparison is 5.0% APR.
At the end of the fix the mortgages revert to the Society’s Standard Variable Rate, currently 5.64%. All four have an application fee of £295 and completion fee of £695.
Hinckley & Rugby chief executive Chris White said: “Customer appetite for fixed rates unsurprisingly remains robust during this period of speculation about Bank of England base rate rises. These four mortgages give buyers what they want – competitive rates and certainty about repayments during the fixed rate periods.”
