Priced at 4.81%, the remortgage is available up to 80% loan to value (LTV) and has a £999 arrangement fee and a £250 legal contribution fee. There is no booking fee.
It was originally priced at 5.06%, but this was reduced when the mutual lowered its standard variable rate (SVR) on 1 July.
The product has early repayment charges (ERCs) of 2% in year one and 1% in year two.
The remortgage is also available through Hinckley & Rugby’s fee-assisted remortgage service, part of its partnership with digital property exchange platform Pexa and law firm Optima Legal.
This gives brokers access to a streamlined remortgage process delivered by Optima Legal and using Pexa’s technology. The service was introduced at the end of last year and has since been widened to support more brokers.
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The launch of the discounted rate remortgage comes after the mutual successfully completed its first fully digital property purchase through the Pexa platform.
Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, said: “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.”
