Hinckley & Rugby cut high LTV interest rates

Hinckley and Rugby Building Society has today (12 December) cut the interest rates on a trio of high loan-to-value mortgages.

The lender’s 95 per cent LTV two-year discount mortgage has seen its rate cut from 4.45 per cent to 3.85 per cent.

Another two-year discount, at up to 90 per cent LTV, is down from 2.79 per cent to 2.45 per cent.

Article continues after advert

Finally, the two-year fix at up to 90 per cent LTV has been cut from 3.29 per cent to 2.95 per cent.

All other terms remain the same. The application fee is £199 and the completion fee is £800. There are no early repayment charges and the higher lending charge is paid by the society.

For purchases using the two-year fix there is a scaled property assessment fee, starting at £245 for homes up to £200,000.

For a remortgage there is no fee for properties valued up to £1m. For the discount mortgages, all valuations are free up to £1m.

Chris White, chief executive at Hinckley and Rugby, added: “Higher LTVs are very much sought after, particularly by first time buyers.

“So these three rate cuts should be welcomed by buyers across England and Wales and by their brokers.”