Mortgages  

Hinckley & Rugby updates seven mortgage rates

Hinckley & Rugby updates seven mortgage rates

Hinckley and Rugby Building Society has cut the interest rates on seven mortgages, including two buy-to-let deals.

The news discounted rates apply to several high loan-to-value deals.

A 95 per cent loan-to-value two-year discount mortgage is down from 3.85 per cent to 3.49 per cent and a 95 per cent LTV two-year fix has been cut from 4.75 per cent to 4.59 per cent.

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A five-year fix, available up to 90 per cent LTV, has been cut from 4.29 per cent to 3.99 per cent, while the 85 per cent LTV version has been cut from 3.85 per cent to 3.35 per cent.

The five-year fix, available up to 80 per cent LTV, has been cut from 3.48 per cent to 3.24 per cent.

The buy-to-let two-year discount mortgage, up to 75 per cent LTV, has been cut from 3.19 per cent to 2.85 per cent and the buy-to-let two-year discount mortgage, up to 60 per cent LTV, has been cut from 2.99 per cent to 2.74 per cent.

All fees and terms remain unchanged, but the 95 per cent LTV mortgages are not available for new-builds. The society said it uses manual underwriting by its own staff and will not automatically reject applicants with little or no credit history.

Chris White, chief executive, said: “In a highly competitive market these rate cuts should place several of our key mortgages into contention for buyers and their brokers.”

Already this year there have been a spree of rate cuts by lenders in the two and five-year ranges, with Leeds Building Society launching new deals this week and Accord Mortgages reducing residential five-year fixed rates by up to 0.2 per cent.

Last week Halifax cut rates across its two and five-year first-time buyer, homemover and remortgage ranges by up to 0.45 per cent, while Scottish Widows Bank took the knife to its professional and flexible mortgage product range.

Skipton Building Society also launched a new residential two-year discount mortgage range with rates from 1.69 per cent and Virgin Money announced intermediary exclusive two-year fixed rate deal at 1.84 per cent.

peter.walker@ft.com