Hinckley & Rugby Building Society has brought out two exclusive discount mortgages for borrowers remortgaging at lower loan-to-value (LTV) tiers.
These include a two-year discount rate of 4.09%, available up to 60% LTV, and 4.34%, available up to 75% LTV.
The discounted rate deals have no application fee, an £800 completion fee and a payable valuation fee. The maximum loan size is £500,000 and the product is for remortgage only.
Hinckley & Rugby Building Society said that with around 1.8 million fixed rate mortgages due to mature this year, its products would be a competitive alternative, as the average two-year fixed rate now sits at 5.75%, 92 basis points higher than at the start of the Middle East conflict.
Laura Sneddon, head of sales and distribution at Hinckley & Rugby for Intermediaries, said: “Offering consistency and value as product pricing shifts quickly is even more important in the type of market environment we are currently witnessing, with brokers having to keep pace with frequent changes across the market.
“Our latest discount products are aimed squarely at standard borrowers coming to the end of low fixed rates, particularly those moving into lower-LTV positions who are focused on securing a competitive deal.”
Renters’ Rights Act: what landlords may be getting wrong
Sponsored by BM Solutions
She added: “We know many clients are facing a step up in monthly payments, and while we cannot remove that entirely, we can help soften the impact by offering strong value where it matters most. Our focus is on giving brokers confidence they have a reliable option for remortgage cases in a volatile market.”
