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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.

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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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