Hinckley & Rugby Building Society has added a few two-year discounted variable rate products for remortgage customers to its range. The deal is now priced at 4.34%, with a 2.55% discount, for borrowers with a 25% share. This may be a tempting option for borrowers as the initial pay rate is lower compared to equivalent fixed rate deals, however, as it’s variable this can quickly change and so should be carefully considered.
Adding to its appeal, remortgage customers can benefit from a £250 cashback incentive which can help offset some of the already reasonable £800 product fee. Another thing borrowers will need to consider is this deal has a maximum borrowing limit of up to £500,000. On assessment, the deal earns an Outstanding Moneyfacts product rating.