We present a string realisation of the hybrid inflationary scenario within type IIB effective string theory constructions and a geometric configuration of intersecting D7 branes. A metastable de Sitter minimum is ensured by perturbative logarithmic corrections and D-term contributions from abelian factors associated with the D7 branes. The inflaton is identified with the internal volume modulus whereas possible waterfall fields correspond to excitations of open strings attached to the magnetised D7 branes. Incorporating contributions of these fields in the scalar potential, inflation stops and the metastable vacuum settles to a minimum with the observed tunable value of the cosmological constant.