Hinckley & Rugby BS release a new discounted mortgage.

The lender recently announced the release of a 3 year discounted rate mortgage which is offered to 20% deposit holders at  3.99%.

The lender says its new discounted mortgage is priced 1.65% lower than its standard variable rate. Its latest discounted product also has the added bonus of being fee free, however an early repayment charge applies which is charged at 1% over the 3 year fixed term.

A Hinckley & Rugby spokesperson commented saying that as the new discounted product has both no mortgages fees and a highly competitive rate, the building society anticipates a high level of demand.

In addition to the extension of its discounted mortgage range, it has also launched a new first time buyer mortgage deal for would-be buyers in the Midlands.

Its first time buyer discounted rate mortgage is offered as a 2 year fixed rate for 95% loan to value at 4.99%, the lender advises this is also a competitive rate as it is 0.65% lower than its SVR.

There is one restriction however, it is a first time buyer product which is only available for property purchases in the Midlands, through home builders Barratt, Bellway, Linden Homes and Miller Homes. Those approved for a mortgage will be charged fees of £1,094, which is not unsubstantial for a first time buyer deal.

If you are looking for a discounted mortgage rate you are recommended to call Deal Direct. We are an independent 'whole of market' broker with access to the best mortgage offers throughout the country.

If there is cheap rate, low fee first time buyer mortgage on offer we know about it. We can help make your home-buying dream come true.

For advice and a competitive quote call Deal Direct today.