The latest changes, the mutual said, are part of the ongoing spring product refresh of their mortgage range to better meet the needs of borrowers. They follow a previous cut of up to 0.7% across the lender’s range recently.
“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,” said Christopher Holmes, products senior manager at Hinckley & Rugby Building Society.
“For those wanting to include close family members on their mortgage to boost their borrowing power, our new five-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 five-year fixed option at 5.99%, it is significantly more affordable.”
For Laura Sneddon (pictured), head of mortgage sales at Hinckley & Rugby Building Society, driving down rates “at this very challenging time” for all homebuyers is essential.