Hinckley & Rugby Building Society has introduced a fresh round of interest rate cuts across its mortgage range, in a bid to boost affordability for homebuyers.
Where high street lenders have raised rates, the mutual reduced rates on several products, including Income Flex and limited company buy-to-let (BTL) mortgages.
The latest reductions followed an initial round of rate cuts of up to 0.7% across the society’s range during the final week of April.
The mutual has also launched two new 5-year fixed-rate specialist products, including a 95% loan-to-value (LTV) 5-year fixed-rate Flex Together Joint Borrower Sole Proprietor (JBSP) mortgage at 5.99%, and a 90% LTV 5-year fixed-rate Income Flex mortgage, also at 5.99%.
Christopher Holmes, products senior manager, said: “Affordability is a huge issue right now, and we are proud to be effectively addressing this for those first-time and first-time-again homebuyers who are struggling the most.
“For those wanting to include close family members on their mortgage to boost their borrowing power, our new 5-year fixed Flex Together product offers a very competitive rate.
“Flexed even further with our Tailored Term tool, different applicants can share the mortgage over different timescales, removing the term limitations often faced when joint applicants have a significant age gap.
“Income Flex was already a very flexible product, offering up to x5.5 multiple with no minimum income requirement, including contractors and the self-employed, but now with a 5-year fixed option at 5.99% it is significantly more affordable.”
Laura Sneddon, head of mortgage sales, added: “At a time when landlords are also struggling to meet minimum rental requirements due to high interest rates, lowering the rates of our 5-year fixed limited company products offers a real boost in terms of affordability.
“Driving down rates at this very challenging time for all homebuyers is essential, and we are proud to be very-much leading the way on this.”