Hinckley and Rugby Building Society has updated its product and criteria, the details are below. These products are available through our direct to lender mortgage club so contact us for more information on how our club can support your business.
Withdrawal of our Fixed Rate mortgage products
Hinckley & Rugby announced earlier this week that all standard fixed rate mortgage products were being withdrawn in light of ongoing increases in swap rates – and therefore an increased cost of lending – for the benefit of all Society stakeholders.
Unfortunately, ongoing volatility in the market and a strong indication of further swap rate increases means that Hinckley & Rugby has decided to remove all fixed rate products for new mortgage applications, both standard and specialist, with immediate effect.
Any brokers with an agreement in principle from our Mortgage Referrals Committee will have until close of business on Friday 2 September to submit their application for a fixed rate product and are encouraged to discuss this with our Intermediary Sales Team on 01455 894084.
We regret the need to take this action but the Society believes that this is the best approach to preserve the service standards we can deliver to brokers and their clients with applications already submitted, whilst also protecting our existing members’ interests.
Hinckley & Rugby will continue to offer discount mortgages across its range and will monitor the market carefully with a view to relaunching fixed rate options as soon as pricing stabilises.