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Hinckley & Rugby brings back two discount mortgages

Hinckley & Rugby Building Society has reintroduced two lifetime discount mortgages – including one at 85 per cent LTV (loan-to-value).

The top 20 building society has brought back to the market the lifetime discount at 3.79 per cent interest – a discount of 1.85 per cent from the SVR – for up to 85 per cent LTV. The overall cost for comparison is 4.0 per cent APR.

The second mortgage reintroduced is at up to 75 per cent LTV and charges 3.29 per cent (AER) – a discount of 2.35 per cent from the SVR. The overall cost for comparison is 3.4 per cent APR.

Both mortgages are available with an offset option and require arrangement fees of £195 at 75 per cent LTV and £395 at 85 per cent LTV. Both mortgages have a completion fee of £695.

The two mortgages slot into Hinckley & Rugby’s range of mortgages that also includes two-year discounts and lifetime trackers.

Hinckley & Rugby chief executive Chris White said: “Lifetime discount mortgages are enduringly popular and the return of these 75 per cent and 85 per cent LTV mortgages will particularly appeal to buyers with those levels of deposit.”

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