Hinckley & Rugby Building Society has rolled out significant updates to its mortgage offerings this spring, aiming to better cater to the varied and often complex financial needs of modern homebuyers. The mutual has unveiled two innovative products and announced considerable cuts to its interest rates, promising more accessible and tailored financial solutions for its customers.
In its latest product lineup, Hinckley & Rugby introduces two mortgage options designed to accommodate the needs of a broader range of homebuyers:
- 95% LTV Income Flex Mortgage: This product offers a two-year discount rate at 6.45%, ideal for buyers with non-standard income streams who might find it challenging to secure traditional mortgage financing.
- 90% LTV Flex Together (JBSP) Mortgage: Featuring a two-year fixed rate of 6.29%, this option facilitates buying with family or friends, making it easier to get on the property ladder in today’s market.
Both products are part of the Society’s Flex range, which is renowned for its adaptability to various borrower circumstances, including those with unique income situations or credit histories.
Rate Reductions Across the Board
In addition to introducing new products, Hinckley & Rugby has reduced interest rates across several existing products, with cuts going as deep as 0.7%. These reductions span their Income Flex, Credit Flex, and Buy-to-Let mortgage products, making borrowing more affordable for existing and new customers alike.
A Tailored Approach to Lending
Christopher Holmes, the Products Senior Manager at Hinckley & Rugby, emphasised the inadequacy of a one-size-fits-all approach in today’s diverse mortgage market. He stated, “Many applicants simply do not fit the mold. We understand that, and we have developed flexible mortgage products that meet their needs. Our spring refresh is part of a process of continual improvement, adapting to the ever-evolving needs of our customers.”
Laura Sneddon, Head of Mortgage Sales, further highlighted the personalised nature of their service. “Our Flex mortgages ‘flex’ to meet the client’s individual needs,” she said. Unlike many lenders who force applicants to conform to rigid product specifications, Hinckley & Rugby prides itself on its ability to adapt its products to fit the unique circumstances of each applicant. As a manual underwriter, the society possesses both the flexibility and determination necessary to work towards the elusive ‘yes’ for a range of borrowers.