1.95% Variable Rate Lifetime Discounted Mortgage - Hinckley and Rugby Building Society
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1.95% Variable Rate Lifetime Discounted Mortgage - Hinckley and Rugby Building Society

7
Edited by:"mushtaqshah"Found 7th Nov
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is this a good deal or not, considering that its a variable rate lifetime discounted mortgage, which is currently 1.95%.

Standard features of all Hinckley & Rugby Special Mortgage Schemes
  • Available on properties in England and Wales
  • Available for house purchase or remortgages. Additional borrowing is available for existing mortgages
  • Interest-Only mortgages (up to 60% LTV only) – a Capital Repayment Strategy in the form of equity in a second property owned by the applicants in England or Wales, must be in place for Interest-Only mortgages
    Buy to Let properties with adequate equity that is held in a limited company, where the only shareholders are the residential borrower applicants, is an acceptable repayment vehicle
    Sale of applicants’ residential security will be considered in the specific circumstance of the property value being £400,000 minimum, LTV being 50% or lower and subject to a review of the credibility of downsizing in the local area
  • Minimum loan £75,000 (existing members £50,000)
  • Minimum term 5 years
  • Normal maximum term 35 years, depending on age limits
  • Interest calculated on a daily basis
  • Applications accepted for advances on private dwelling houses of various types providing they are of Standard Construction
  • Free standard administration fee for remortgages – see note below*
  • No tied insurances
  • Minimum age for applicants 21
  • Portable up to the existing mortgage balance
  • Tariff of charges during the life of any mortgage available on request
  • For remortgages, the property must have been owned by the applicants for a minimum of 6 months*
    *Free standard administration fee for remortgages
    As long as the property is already registered at HM Land Registry in the same name(s) as the mortgage applicant(s), the Society will arrange for the new Legal Charge to be registered in the name of the Society. You will be advised of any additional administrative or insurance charges, which you will be required to pay.

Fees Payable
  • Arrangement fee (non-refundable) – must be paid at time of submitting mortgage application and will be debited only after passing an initial assessment : £199
  • Free property assessment where the price or value of the property is £1 million or less. Property assessment fees payable on prices or values of more than £1 million (non-refundable after property assessment carried out for the Society): see scale below
  • Completion fees (non-refundable) – this fee can be paid before the start of the mortgage or you can elect to add this to the mortgage loan and it will be deducted from the mortgage advance on completion: £800.
    By electing to add fees to the loan, you will pay interest on them at the same interest rate as your mortgage throughout the mortgage term and this will affect interest charges and payment calculations. If preferred, fees that have been added to the loan may be repaid by a separate capital payment at any time after the start of the mortgage and this will result in lower monthly payments and reduced interest charges.
  • Mortgage exit administration fee on redemption of mortgage: currently £150
  • Higher lending charge (applicable over 80% loan to value only) paid by the Society
  • No early repayment charge

Property Assessment Fees
A scale of Property assessment fees will apply to house purchase and remortgage applications for this product, as follows:


PURCHASE PRICE OR VALUE
(NOT EXCEEDING)PURCHASE APPLICATION
(PROPERTY ASSESSMENT FEE)REMORTGAGE APPLICATION
(PROPERTY ASSESSMENT FEE)£1,000,000FreeFree£1,500,000£1,035£1,035£2,000,000£1,235£1,235For a price or value exceeding £2 million, please contact the Society for further details.

If a property assessment fee is payable, this must be paid at the time of submitting a mortgage application.

All fees shown represent the cost of the property assessment to the Society plus an administration fee of £35 to cover the Society’s own costs of arranging the property assessment and assessing the report when it is received. If a reinspection is required, for example for new build and self build properties, a charge of £75 will be made.


Representative exampleA mortgage of £180,318.00 (a loan of £179,518.00 plus a completion fee of £800.00 added to the loan) payable over 19 years on a discounted variable rate of 2.11% for the full term of 19 years would require 228 monthly payments of £960.65.

The total amount payable would be £219,626.75 made up of the loan amount plus interest (£38,709.75), an arrangement fee (£199.00), a legal fee (£250.00) and a mortgage exit administration fee (£150.00).

The overall cost for comparison is 2.2% APRC representative.




Special Features
  • Offset facility available if required – please click here to see further information
  • 80% LTV product only – Flexible features, including the facility for payment holidays and the ability to make overpayments* Please note the 95% LTV product is not available for new build properties





Representative exampleA mortgage of £180,318.00 (a loan of £179,518.00 plus a completion fee of £800.00 added to the loan) payable over 19 years on a discounted variable rate of 2.11% for the full term of 19 years would require 228 monthly payments of £960.65.

The total amount payable would be £219,626.75 made up of the loan amount plus interest (£38,709.75), an arrangement fee (£199.00), a legal fee (£250.00) and a mortgage exit administration fee (£150.00).

The overall cost for comparison is 2.2% APRC representative.

7 Comments

I'm not a financial advisor but I think this looks like a good deal. I'm going through a buy to let application at this moment in time and the rate being offered is 1.79% reverting to about 4.5% after 2 years.

Jabaltariq9 h, 55 m ago

I'm not a financial advisor but I think this looks like a good deal. I'm …I'm not a financial advisor but I think this looks like a good deal. I'm going through a buy to let application at this moment in time and the rate being offered is 1.79% reverting to about 4.5% after 2 years.



Looking at these deals I feel as if my mortgage advisor is misleading me. I bought a house a year ago and just put it on rent now an decided to take a BTL mortgage on it. LTV is 70% but I'm going to have to pay 2.59%. It's 2 years fix with a lender called Birmingham Midshire. Am I missing something here? Any info would be great thanks
Edited by: "planet2sky" 19th Nov

Any upfront fees

Ta5ty8 m ago

Any upfront fees



£295.

planet2sky1 h, 18 m ago

Looking at these deals I feel as if my mortgage advisor is misleading me. …Looking at these deals I feel as if my mortgage advisor is misleading me. I bought a house a year ago and just put it on rent now an decided to take a BTL mortgage on it. LTV is 70% but I'm going to have to pay 2.59%. It's 2 years fix with a lender called Birmingham Midshire. Am I missing something here? Any info would be great thanks

Take a look at their website and hopefully you'll be able to work out whether you are being mis-advised or not?
bmsolutions.co.uk/pro…et/

Jabaltariq11 h, 2 m ago

Take a look at their website and hopefully you'll be able to work out …Take a look at their website and hopefully you'll be able to work out whether you are being mis-advised or not?http://www.bmsolutions.co.uk/products/buytolet/


Thanks

Just have a 5 year fix on 60% LTV at 1.99% no fees or early pay back at First Direct, took 4 phone calls of 4 hours total though and a final form yet to sign .... mortgages.firstdirect.com/
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