Mortgages  

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.

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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.”

peter.walker@ft.com