Hinckley & Rugby Building Society has cut the rates on a pair of two-year discount mortgages.

The two-year discount at up to 70% Loan to Value (LTV) now has an interest rate of 1.69% (previously 1.89%).

Meanwhile, the two-year discount at up to 80% LTV now has an interest rate of 1.85% (previously 2.15%).

Both mortgages revert to the Society’s SVR after two years, which is currently 5.64%.

All the Society’s discount mortgages, including the two which have seen rate cuts, now have arrangement fees of £199 and completion fees of £800. The valuation is free for properties up to £1 million. The previous fees were, respectively, £295 and £695.

The mutual does not charge the arrangement fee until an initial assessment of the case has taken place.

Chris White. Hinckley & Rugby chief executive, said: “The reduction to the arrangement fee will be appreciated by buyers. That we do not levy the fee until after the initial assessment is part of our commitment to providing modern mortgages and traditional service.”