Mutual cuts rates twice in a week, against the trend

The Hinckley & Rugby building society has announced two cuts to rates across its mortgage range in short order. 

After rate cuts of up to 0.7% in late April - and despite rate rises by many high street lenders - the society resumed cutting just before the Bank Holiday weekend.

Its Income Flex and limited company buy-to-let mortgages and it has also launched two new five year fixed-rate specialist products. 

This includes a 95% loan-to-value LTV five year fixed-rate Flex Together Joint Borrower Sole Proprietor mortgage at 5.99%, and a 90% LTV 5-year fixed-rate Income Flex mortgage, also at 5.99%.

Christopher Holmes, products senior manager, says: “Affordability is a huge issue right now, and we are proud to be effectively addressing this for those first-time and first-time-again homebuyers who are struggling the most.

“For those wanting to include close family members on their mortgage to boost their borrowing power, our new 5-year fixed Flex Together product offers a very competitive rate.

“Flexed even further with our Tailored Term tool, different applicants can share the mortgage over different timescales, removing the term limitations often faced when joint applicants have a significant age gap.

“Income Flex was already a very flexible product, offering up to x5.5 multiple with no minimum income requirement, including contractors and the self-employed, but now with a 5-year fixed option at 5.99% it is significantly more affordable.”

Laura Sneddon, head of mortgage sales, adds: “At a time when landlords are also struggling to meet minimum rental requirements due to high interest rates, lowering the rates of our five year fixed limited company products offers a real boost in terms of affordability.

“Driving down rates at this very challenging time for all homebuyers is essential, and we are proud to be very-much leading the way on this.”