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Hinckley & Rugby launches 3.25% two-year fix

Hinckley & Rugby Building Society has launched a two-year fixed rate mortgage at an initial rate of 3.25 per cent, available at up to 80 per cent LTV.

The rate is fixed until 31 March 2015 when it reverts to the society’s SVR, currently 5.64 per cent.

Hinckley & Rugby chief executive Chris White says: “There is always an appetite in the market for a competitive fix and this mortgage should hit the mark.”

The product comes with an arrangement fee of £195 and a completion fee of £695 and no early repayment charge. Free valuations are available on properties valued up to £1m.

The minimum advance is £50,000 and the maximum is £240,000 at 80 per cent. There is a sliding scale from there to a maximum loan of £1.25m at up to 60 per cent LTV.

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