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Hinckley & Rugby boosts small deposit mortgage range

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
03/09/2015

Borrowers with a small deposit have been given extra options by Hinckley & Rugby Building Society.

The mutual has cut rates on fixed rate products for borrowers with 5% and 10% deposits, it has announced.

Hinckley & Rugby revealed it has cut its two-year fix from 4.59% to 4.29%, for all loans at 95% loan-to-value. Following the fixed period borrowers will move to a 3.99% rate, a discount of 1.65% from the society’s usual standard variable rate (SVR). The borrower then reverts to the mutual’s SVR for the remainder of the term.

For borrowers with a 10% deposit, the society’s two-year fix has been cut from 3.14% to 2.95%. This also moves to a 3.99% rate before reverting to the standard variable rate.

Both mortgages have no early repayment charged but fees do apply. The two products come with a
£199 arrangement fee and an £800 completion fee

Hinckley & Rugby chief executive Chris White said the deals would allow borrowers with smaller deposits the chance to access lower rates.

“These are very attractive reduced rates that offer customers the certainty of a fix followed by the value of a discounted rate,” he said.

Hinckley & Rugby Building Society has branches located across the Midlands, with its products also available through mortgage brokers across England and Wales.


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