Hinckley & Rugby Building Society has two new mortgages for buyers of newly built houses and flats at up to 90% LTV.

Both of the deals are two year discounts. For new build houses and flats at up to 90% LTV the discounted interest rate is 4.19%.

For new build houses and flats at up to 85% LTV the discounted interest rate is 3.69%.

Both mortgages have arrangement fees of £295 and completion fees of £695. And both mortgages revert to the Society’s SVR after two years, which is currently 5.64%.

The mortgages are available through all channels. Applications for flats should be referred individually. Prospective buyers can ask their housebuilder or broker about the scheme.

The value of the mortgage above 80 per cent LTV is insured by premiums paid by the housebuilder.

The mortgages are available for homes and flats being sold by any housebuilders who are registered with the scheme. Already signed up are Barratt, Bellway, Bloor, Bovis, Cavanna, Gleeson, Keepmoat, Linden, Miller, Strata and Yuill.

Hinckley & Rugby chief executive Chris White said: “These mortgages seek to help the buyers, the builders and our Society to work together to enable more newly built flats and houses to be bought.”