Building society Hinckley and Rugby has announced the launch of a new mortgage product with a fixed rate, which marks the first product of that type that the firm has added to its specialist slate.
That slate of products has been designed by the lender to work for people who have complicated financial situations. This can mean anyone from those with credit history issues to self-employed borrowers and people with income that is not standard. It can also apply to people who want to buy properties that fall outside of the standard types.
There are two new fixed-rate deals now available to these people at Hinckley and Rugby. The first is a loan where the starting rate has been fixed at 6.59% for two years. This product also comes with a £999 product fee and loan-to-value (LTV) of 80% maximum.
The second available product is another specialist loan, but with a five-year fixed-rate. This has been set at 5.95%, while the product fee is again £999. The maximum LTV available is also 80% for this product.
Both of the loans are on offer for first-time homebuyers, home movers and people who wish to remortgage their properties. Chris Holmes from Hinckley and Rugby told Mortgage Finance Gazette that:
“At Hinckley and Rugby, we understand that every borrower’s circumstances are unique. These products are part of our ongoing effort to provide specialist solutions that meet the specific needs of our clients.”
Anyone who has undergone CeMAP mortgage advisor training will be pleased to see more specialist products hit the market.
