MortgagesSep 24 2014

Hinckley & Rugby launches 95% LTV mortgage

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Hinckley and Rugby Building Society has launched a 95 per cent loan-to-value 2-year fixed rate at 4.89 per cent.

The exclusive version for Intrinsic has a reduced fee structure of £199 at arrangement and £600 on completion. The overall cost for comparison is 5.7 per cent APR.

It is available for both remortgages and purchases and the higher lending charge is paid by the society.

Hinckley and Rugby’s recently raised multiples for its mortgages, at four times single and four times joint incomes, will apply to the Intrinsic exclusive.

The mortgage is available from today (24 September) for Intrinsic’s network of 3,000 advisers.

Because the society does not use automated underwriting, all lending decisions are taken by the its staff.

Credit scoring systems are not used, so applicants with little or no credit history will not automatically be rejected, the building society said.