Hinckley & Rugby Mortgage Rate Cuts Give Homebuyers a Boost

Hinckley & Rugby Building Society has announced good news for first-time buyers and those looking to remortgage, with cuts of up to 0.3% on some of its mortgages.

The changes apply to the building society’s Income Flex, Flex Together, and Visa products, with new two and five-year fixed-rate deals now available.

These changes come as a direct response to feedback from mortgage brokers, who highlighted the difficulties many borrowers face when trying to get a mortgage. The new products will make it easier for first-time buyers to get on the property ladder and for existing homeowners to move up it. Skilled workers on visas, including those working in healthcare, will also benefit.

Here are some of the key changes:

Income Flex:

A new two-year fixed-rate mortgage is now available at 6.55% for those with a 5% deposit.
Five-year fixed rates have been cut by 0.3% and are now available from 5.55% for those with a 20% deposit and 5.69% for those with a 10% deposit.

Flex Together:

This product, which allows family members to help first-time buyers, now has a new five-year fixed rate of 5.29% for those with a 20% deposit.
An existing five-year fixed rate for those with a 5% deposit has been reduced by 0.3% to 5.69%.

Visa Mortgage:

For those with a skilled worker or health and care worker visa, there is a new five-year fix at 5.59% for those with a 20% deposit.
A five-year fix for those with a 10% deposit has been cut by 0.2% to 5.79%.

All these mortgages have a £199 application fee and an £800 completion fee.

Chris Holmes, senior product and proposition manager at Hinckley & Rugby, said the building society was committed to providing borrowers with flexible and affordable mortgage options.

He explained: “Our Income Flex and Flex Together products are designed to help borrowers ‘flex’ their income to meet affordability challenges. By lowering the initial pay rates on many of these products, we can support more borrowers in what is proving to be a very challenging market.”

He added that the building society’s range of flexible products was designed to adapt to individual circumstances rather than expecting borrowers to fit a rigid set of criteria.