Guide to mortgage products

Fixed Rate Mortgage

Offers you peace of mind that your monthly payments will not change for a set period of time, whether or not the Bank of England base rate changes.

Tracker Mortgage

Benefits you by tracking the Bank of England base rate for an agreed period of time, by a pre-arranged amount – this means your monthly payment will automatically change in line with any changes that the Bank of England makes to the base rate.

Discount Mortgage

Offers you a discount off Hinckley & Rugby’s Homeowner or Landlord variable rate for a set period of time. If this rate changes, the rate you pay will also change but with the guarantee that the discount remains the same.

Fee Free Mortgage

Gives you all the benefits of a Hinckley & Rugby mortgage, but with no fees to pay during the life of the mortgage – including when you apply, complete, or redeem (pay the mortgage off).

Flexible Mortgage

Puts you in control by allowing you to adapt your mortgage to suit your changing needs – for example, allowing you to apply to take a payment holiday or make an overpayment. 

Capped Rate Mortgage

A variable rate mortgage that will not rise above a pre-agreed rate for a set period of time. It may fall below that rate, but if it rises again it will not rise above that pre-agreed rate.

Variable Rate Mortgage

Offers an interest rate that can change up or down. If the mortgage interest rate falls, your monthly mortgage payment will also fall, but if the rate increases your monthly payment will also increase. Our variable rate mortgages are based on our Homeowner or Landlord Variable Rate, which is usually (but not always) based on the movement of the Bank of England base rate.