Hinckley & Rugby Building Society has reintroduced its five year fixed rate mortgage at a new lower interest rate of 3.99%.
The mutual’s previous five-year fix was priced at 4.15%.
The deal is available at up to 80% LTV.
With a maximum loan of £300,000 for up to 75% LTV and £240,000 for up to 80% LTV, the mortgage reverts after five years to the Society’s Standard Variable Rate, which is currently 5.64%.
It comes with an arrangement fee of £195 and completion fee of £695 and has a free assessment for properties valued at £1 million or less. There are early repayment charges on a sliding scale during the fixed rate period, from 5% of the amount repaid in year one down to 1% in year five.
Hinckley & Rugby chief executive Chris White said: “This five-year fix offers a sub-4% interest rate until 2018, giving borrowers long-term certainty about their repayments.
“We hope it will be popular with borrowers looking for a long-term fix.”
