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Hinckley & Rugby expands later life lending options

Hinckley & Rugby has bolstered its later life lending offer with a new five-year fix and slashed the interest rates on two existing later life products.

The new five-year fix is priced at 3.99% with fees of £199 on application and £800 on completion. There are early repayment charges (ERCs) stepping down from 5% in year one to 1% in year five.

The two-year fixes, meanwhile, have been cut down from 3.19% to 3.09% and the retirement interest only (RIO) lifetime discount mortgage is reduced from 3.59% to 3.19%. The maximum loan-to-values (LTVs) are 80% for the fixes and 60% for the RIO.


Hinckley’s suite of later life lending products is available to existing borrowers and those in, or entering, retirement, including those aged 75 or over. It abolished its maximum age at term-end in 2018.

Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, says: “We are always listening to what the market is telling us and there is a desire to see longer fixes for later life. That’s why we have introduced our new five-year fix for those later life borrowers wanting extra certainty.”

“In addition, cutting the interest rates on our two-year fix and our RIO product enhances our wider offer to older borrowers.”

She concludes: “Coupled with our manual underwriting and a 360 degree look at income, affordability and repayment vehicles, we are sure intermediaries with later life clients can confidently talk to Hinckley & Rugby about their needs.”


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