Hinckley & Rugby for Intermediaries has recently introduced an enhanced flexible mortgage range with significant new changes. According to the latest UK mortgage news, the building society has announced reductions of up to 0.30% on selected rates, as well as the introduction of new fixed-rate options for potential homebuyers.
Notable alterations to the Income Flex product include the addition of a 2-year fixed rate of 6.55% at 95% loan-to-value (LTV), providing more options for borrowers with smaller deposits, especially first-time buyers. Additionally, the 5-year fixed rate at 80% LTV has been reduced by 0.30% to 5.55%, and at 90% LTV by 0.30% to 5.69%. The Flex Together product now includes a new 5-year fixed rate of 5.29% at 80% LTV and a reduced 5-year fixed rate at 95% LTV to 5.69%.
For individuals holding a Skilled Worker Visa or Health & Care Worker Visa, the Visa Mortgages have been updated to include a new 5-year fixed rate of 5.59% at 80% LTV and a 5-year fixed rate reduced at 90% LTV by 0.20%, to 5.79%. It is important to note that all new products come with a £199 application fee and an £800 completion fee.
Chris Holmes, the senior product and proposition manager at Hinckley & Rugby for Intermediaries, has stated that the Income Flex and Flex Together products have been specifically designed to assist borrowers in addressing affordability challenges throughout their home-buying journey. He also highlighted the introduction of a 95% LTV tier on the Income Flex product and the new two-year fixed rate option, emphasizing the aim to offer more opportunities to borrowers with modest deposits, particularly first-time buyers.
Holmes further emphasized that the enhanced Visa Mortgage for overseas nationals with a Skilled Worker or Health and Care Worker Visa aims to be more inclusive by not imposing minimum restrictions on income, time in the UK, or the duration left on the visa.
The changes implemented by Hinckley & Rugby for Intermediaries are intended to provide increased flexibility and choice for homebuyers, especially those facing affordability challenges or belonging to overseas national categories. This move demonstrates the building society’s commitment to meeting the diverse needs of prospective homeowners, ensuring their access to viable mortgage options.
In conclusion, Hinckley & Rugby for Intermediaries has made significant progress in enhancing its mortgage range, with the introduction of new fixed-rate options and reduced rates. These changes are expected to benefit a wide range of borrowers, particularly those with smaller deposits and overseas nationals seeking mortgage solutions in the UK market.