Hinckley & Rugby Building Society has cut the interest rate on its fee-free lifetime discount mortgage from 3.49% to 3.19%.

The mortgage is for loans up to 80% LTV and is available as an offset and for purchases and remortgages.

Other terms remain unchanged – there is no arrangement fee, completion fee or early repayment charge.

This latest rate cut follows interest rate reductions last week on the Society’s two year discount and two year fixed rate mortgages.

Hinckley & Rugby chief executive Chris White said: “We are pleased to have made our fee-free mortgage even more keenly priced.

“The Bank of England’s Funding for Lending Scheme is enabling us to cut interest rates to very attractive levels.”