Hinckley & Rugby launches discounted remortgage product 

Hinckley & Rugby for Intermediaries has announced the launch of a new two-year discounted remortgage product at 4.81%.

Available up to 80% LTV, the product includes a £250 legal contribution, no booking fee, and £999 arrangement fee. It is available for remortgage cases only, with standard early repayment charges of 2% in year one and 1% in year two.

Originally priced at 5.06%, the rate was reduced to 4.81% following a cut to the Society’s standard variable rate (SVR), which took effect on 1st July.

The product is accessible through Hinckley & Rugby for Intermediaries’ expanded fee-assisted remortgage service, following the Society’s partnership with digital property settlement platform, PEXA, and remortgage specialist law firm, Optima Legal.

The launch of the discounted remortgage product follows the successful completion of the UK’s first fully digital property purchase announced last month, using PEXA’s platform, with Hinckley & Rugby as the lender.

Laura Sneddon (pictured), head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, commented: “This new discounted remortgage product is designed to give brokers a simple, good-value option for clients looking to switch deals. With no booking fee, a £250 legal contribution and a strong rate, it helps reduce upfront costs and makes the process that bit easier.

“We know remortgages can be held up by delays in the legal process, which is frustrating for everyone. That’s why we’ve partnered with PEXA and Optima Legal to offer a faster, more transparent way of getting cases over the line. Clients can track their case online, brokers get fewer chasing calls, and the whole application runs more smoothly.