Hinckley & Rugby scraps early repayment charges

Hinckley & Rugby Building Society is scrapping its last remaining early repayment charge, which previously applied to its five-year fixed rate up to 80 per cent LTV.

The lender is also cutting interest rates on four mortgages. The rate on the five-year fix – previously the final mortgage product to carry an early repayment charge – is coming down from 3.59 per cent to 3.35 per cent.

The rate on the two-year fix up to 90 per cent LTV is being reduced from 4.24 per cent to 3.95 per cent.

The rate on the two year discount mortgage for newly built properties at up to 90 per cent LTV is being cut from 4.19 per cent to 3.89 per cent.

The two year discount rate on the buy-to-let mortgage at up to 60 per cent LTV is being cut from 3.49 per cent to 3.24 per cent.

Hinckley & Rugby chief executive Chris White says: “We now have a family of mortgages at very attractive rates and none of them have early repayment charges, making them even more straightforward for customers and introducers.”