Hinckley and Rugby revamps range
The rates have been cut on its 2-year discount mortgage which is down from 2.89% to 2.65% and also on its 2-year fixed rate which is now available at 2.75% cut from 2.99%.
Both mortgages are available up to 80% LTV with an application fee of £295 and completion fee of £695.
Chris White, chief executive at Hinckley & Rugby, said: “For us the Bank of England’s Funding for Lending Scheme is now active and doing what it was intended to do – enabling us to offer more attractive interest rates to homebuyers. The show is very much on the road.
“At the turn of the year we expanded our mortgage team to target significant growth this year, partly because we knew the FLS funding would be coming and we are on track to achieve that.
“Now we can press ahead and make maximum use of the FLS money.”
The Society is one of the first of the smaller mutuals to access the FLS money having drawn £5m in its first tranche after approval from the Bank of England and regulators.
Other changes to the Hinckley’s range will see the maximum LTV on its existing fee-free mortgage increased from 75% to 80%.
The Society has also launched a new buy-to-let mortgage at up to 60% LTV which is available at a 2-year discounted rate of 2.74%. The application fee is £250 and the completion fee is £2,249.