The Hinckley & Rugby Building Society has unveiled an exclusive product with Mortgage Advice Bureau (MAB) for homeowners who want to pay down their Help to Buy equity loan.

Many existing Help to Buy equity loans are about to become interest bearing, with the fifth anniversary of the scheme looming and this product is aimed to help them avoid these interest payments.

The two-year fixed rate product is available at up to 90% LTV with a charging rate of 2.74%. There’s also £1,000 cashback to help with the valuation and administration costs to pay back a Help to Buy equity loan.

There are no arrangement or completion fees charged by Hinckley & Rugby. There is also a free valuation for properties worth up to £1m.

Carolyn Thornley-Yates, Hinckley & Rugby’s head of sales and marketing, said: “This new exclusive with MAB is designed for customers who wish to remortgage and capital raise to repay the full amount of Help to Buy equity loan currently secured against the property.

“It’s a great example of Hinckley & Rugby working with a network to create a product that addresses a niche need with a competitive mortgage that is delivered with our flexible approach to underwriting and outstanding levels of customer service.”

Brain Murphy, head of lending at MAB, added: “We are delighted to be able to give Mortgage Advice Bureau customers exclusive access to this new product from Hinckley & Rugby Building Society.

“We are committed to helping increase the limited market options for those Help to Buy customers looking to pay off their equity loan and this competitive fixed rate 90% LTV remortgage product with no fees attached to the product, and £1,000 cash back, helps minimise additional costs and simplifies the process of taking out the government’s second charge.”